The inset in the second photo shows the upper part of a cluster of the microscopic fruitbodies. Each consists of a thickish stem that grows upward and branches, the branches also branching and so on. If you follow a given stem all the way you would see that, eventually, each stem yields a cluster of upward-pointing 'fingers' and each 'fingertip' produces a succession of spores, all initially held together in a slime. In the inset you don't see that mass of glued-together spores because this cluster of fruitbodies has been stained in a drop of liquid, in preparation for a study of the structure under the microscope. The liquid has dispersed most of the spores, with only a few still adhering to a few 'fingertips'.