What could it be??
It looks like...
Doesn't it. A receptical.
And it is! A receptical... of STUFFING!!!
It's the body of the little rabbit I'm making for a cute little man :) I'm not sure *this* one will be his rabbit (it is made out of black yarn after all) but I wanted to get going on it and make sure I could made the rabbit. Then, if I don't like the yarn I'm working with (which I'm not sure I do) I'll go buy some nice soft hard-wearing cotton! In a cute bunny colour :) like ... fawn. Or dark brown. Or... Lilac.
Nah... just kidding ;-)