This beautiful, delicate fungus will within a few hours of this stage begin to open up, becoming a translucent parasol as they release their spores, which you can see here.
This gorgeous fungus starts as a long, softly scaley white ovaloid body, which slowly opens up and deliquesces, as you can see this specimen doing. This reveals the stem more clearly, allowing us to see the small, fragile stem ring around the fibrous white stem.
They are edible, but should be collected before the black ink begins to show, as shown in the second photo.