diff --git a/.github/workflows/runtime-upgrade.yml b/.github/workflows/runtime-upgrade.yml
index 6ef0418f2b..1a89196e9b 100644
--- a/.github/workflows/runtime-upgrade.yml
+++ b/.github/workflows/runtime-upgrade.yml
@@ -70,9 +70,9 @@ jobs:
           name: ${{ steps.compute_shasum.outputs.shasum }}-joystream-node-docker-image.tar.gz
           path: joystream-node-docker-image.tar.gz
 
-  runtime_upgrade_from_olympia:
+  runtime_upgrade:
     # if: ${{ false }}
-    name: Runtime Upgrade From Olypia
+    name: Runtime Upgrade From Rhodes Spec 6
     needs: build_images
     runs-on: ubuntu-latest
     steps:
@@ -101,7 +101,7 @@ jobs:
           export HOME=${PWD}
           mkdir -p ${HOME}/.local/share/joystream-cli
           yarn joystream-cli api:setUri ws://localhost:9944
-          # Olympia release production runtime profile
-          export RUNTIME_TAG=6740a4ae2bf40fe7c670fb49943cbbe290277601
+          # Rhodes release (spec 6) production runtime profile
+          export RUNTIME_TAG=8c2e70abcb34a6892991355b61e804b7c1492290
           export TARGET_RUNTIME_TAG=latest
           tests/network-tests/run-migration-tests.sh
\ No newline at end of file
diff --git a/Cargo.lock b/Cargo.lock
index c54bbd0a0f..bcc6d5d017 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -722,7 +722,7 @@ dependencies = [
 
 [[package]]
 name = "chain-spec-builder"
-version = "6.6.0"
+version = "6.7.0"
 dependencies = [
  "ansi_term 0.12.1",
  "enum-utils",
@@ -2278,7 +2278,7 @@ dependencies = [
 
 [[package]]
 name = "joystream-node"
-version = "6.6.0"
+version = "6.7.0"
 dependencies = [
  "frame-benchmarking",
  "frame-benchmarking-cli",
@@ -2339,7 +2339,7 @@ dependencies = [
 
 [[package]]
 name = "joystream-node-runtime"
-version = "10.6.0"
+version = "10.7.0"
 dependencies = [
  "frame-benchmarking",
  "frame-executive",
diff --git a/node/Cargo.toml b/node/Cargo.toml
index ed47a5c92d..69067b456d 100644
--- a/node/Cargo.toml
+++ b/node/Cargo.toml
@@ -3,7 +3,7 @@ authors = ['Joystream contributors']
 build = 'build.rs'
 edition = '2018'
 name = 'joystream-node'
-version = '6.6.0'
+version = '6.7.0'
 default-run = "joystream-node"
 
 [[bin]]
diff --git a/runtime-modules/content/src/lib.rs b/runtime-modules/content/src/lib.rs
index 4bfff099b7..67b3e5d75a 100644
--- a/runtime-modules/content/src/lib.rs
+++ b/runtime-modules/content/src/lib.rs
@@ -1275,7 +1275,7 @@ decl_module! {
         ) -> DispatchResult {
             let channel = Self::ensure_channel_exists(&item.channel_id)?;
 
-            let reward_account = Self::ensure_reward_account(&channel)?;
+            let reward_account = Self::ensure_channel_has_beneficiary_account(&channel)?;
 
             ensure_actor_authorized_to_claim_payment::<T>(origin, &actor, &channel.owner)?;
 
@@ -1662,7 +1662,7 @@ decl_module! {
                     let royalty_payment = Self::build_royalty_payment(&video, nft.creator_royalty);
                     let updated_nft = Self::complete_auction(
                         nft,
-                        video.in_channel,
+                        &video,
                         royalty_payment,
                         participant_id,
                         buy_now_price,
@@ -1770,7 +1770,7 @@ decl_module! {
                     let royalty_payment = Self::build_royalty_payment(&video, nft.creator_royalty);
                     let updated_nft = Self::complete_auction(
                         nft,
-                        video.in_channel,
+                        &video,
                         royalty_payment,
                         participant_id,
                         buy_now_price,
@@ -1882,7 +1882,7 @@ decl_module! {
             let royalty_payment = Self::build_royalty_payment(&video, nft.creator_royalty);
             let updated_nft = Self::complete_auction(
                 nft,
-                video.in_channel,
+                &video,
                 royalty_payment,
                 top_bidder_id,
                 top_bid.amount
@@ -1935,7 +1935,7 @@ decl_module! {
             let royalty_payment = Self::build_royalty_payment(&video, nft.creator_royalty);
             let updated_nft = Self::complete_auction(
                 nft,
-                video.in_channel,
+                &video,
                 royalty_payment,
                 winner_id,
                 bid.amount,
@@ -2046,7 +2046,7 @@ decl_module! {
             Self::ensure_new_pending_offer_available_to_proceed(&nft, &receiver_account_id)?;
 
             // account_id where the nft offer price is deposited
-            let nft_owner_account = Self::ensure_owner_account_id(video.in_channel, &nft).ok();
+            let nft_owner_account = Self::ensure_nft_owner_has_beneficiary_account(&video, &nft).ok();
             //
             // == MUTATION SAFE ==
             //
@@ -2122,7 +2122,7 @@ decl_module! {
             Self::ensure_can_buy_now(&nft, &participant_account_id, price_commit)?;
 
             // seller account
-            let old_nft_owner_account_id = Self::ensure_owner_account_id(video.in_channel, &nft).ok();
+            let old_nft_owner_account_id = Self::ensure_nft_owner_has_beneficiary_account(&video, &nft).ok();
 
             //
             // == MUTATION SAFE ==
@@ -2428,7 +2428,7 @@ impl<T: Trait> Module<T> {
         Ok(())
     }
 
-    pub(crate) fn ensure_reward_account(
+    pub(crate) fn ensure_channel_has_beneficiary_account(
         channel: &Channel<T>,
     ) -> Result<T::AccountId, DispatchError> {
         if let Some(reward_account) = &channel.reward_account {
diff --git a/runtime-modules/content/src/nft/mod.rs b/runtime-modules/content/src/nft/mod.rs
index 1540dd1573..3ededcc2ec 100644
--- a/runtime-modules/content/src/nft/mod.rs
+++ b/runtime-modules/content/src/nft/mod.rs
@@ -363,12 +363,12 @@ impl<T: Trait> Module<T> {
 
     pub(crate) fn complete_auction(
         nft: Nft<T>,
-        in_channel: T::ChannelId,
+        video: &Video<T>,
         royalty_payment: Option<(Royalty, T::AccountId)>,
         winner_id: T::MemberId,
         amount: BalanceOf<T>,
     ) -> Nft<T> {
-        let account_deposit_into = Self::ensure_owner_account_id(in_channel, &nft).ok();
+        let account_deposit_into = Self::ensure_nft_owner_has_beneficiary_account(video, &nft).ok();
         let account_withdraw_from = ContentTreasury::<T>::module_account_id();
 
         Self::complete_payment(
@@ -382,15 +382,25 @@ impl<T: Trait> Module<T> {
             .with_member_owner(winner_id)
     }
 
-    pub(crate) fn ensure_owner_account_id(
-        channel_id: T::ChannelId,
+    /// NFT owned by:
+    /// - Member: member controller account is used
+    /// - Channel: then if reward account is:
+    ///    - `Some(acc)` -> use `acc` as reward account
+    ///    - `None` -> then if channel owner is:
+    ///      - `Member` -> use member controller account
+    ///      - `CuratorGroup` -> Error
+    /// In order to statically guarantee that `video.in_channel` exists, by leveraging the
+    /// Runtime invariant: `video` exists => `video.in_channel` exists
+    pub(crate) fn ensure_nft_owner_has_beneficiary_account(
+        video: &Video<T>,
         nft: &Nft<T>,
     ) -> Result<T::AccountId, DispatchError> {
         match nft.owner {
             NftOwner::Member(member_id) => T::MemberAuthenticator::controller_account_id(member_id),
-            NftOwner::ChannelOwner => Self::channel_by_id(channel_id)
-                .reward_account
-                .ok_or_else(|| Error::<T>::RewardAccountIsNotSet.into()),
+            NftOwner::ChannelOwner => {
+                let channel = Self::channel_by_id(&video.in_channel);
+                Self::ensure_channel_has_beneficiary_account(&channel)
+            }
         }
     }
 
@@ -462,20 +472,9 @@ impl<T: Trait> Module<T> {
         // payment is none if there is no royalty
         if let Some(royalty) = creator_royalty {
             let channel = Self::channel_by_id(&video.in_channel);
-            // use reward account if specified
-            if let Some(creator_reward_account) = channel.reward_account {
-                Some((royalty, creator_reward_account))
-            } else {
-                // otherwise resort to controller account for member owned channels
-                if let ChannelOwner::Member(member_id) = channel.owner {
-                    T::MemberAuthenticator::controller_account_id(member_id)
-                        .ok()
-                        .map(|reward_account| (royalty, reward_account))
-                } else {
-                    // no royalty paid for curator owned channel with unspecified reward account
-                    None
-                }
-            }
+            Self::ensure_channel_has_beneficiary_account(&channel)
+                .ok()
+                .map(|reward_acc| (royalty, reward_acc))
         } else {
             None
         }
diff --git a/runtime-modules/content/src/tests/fixtures.rs b/runtime-modules/content/src/tests/fixtures.rs
index c61422c15e..8b2ce2d571 100644
--- a/runtime-modules/content/src/tests/fixtures.rs
+++ b/runtime-modules/content/src/tests/fixtures.rs
@@ -1374,7 +1374,8 @@ impl ClaimChannelRewardFixture {
     pub fn call_and_assert(&self, expected_result: DispatchResult) {
         let origin = Origin::signed(self.sender.clone());
         let channel = Content::channel_by_id(self.item.channel_id);
-        let reward_account = Content::ensure_reward_account(&channel).unwrap_or_default();
+        let reward_account =
+            Content::ensure_channel_has_beneficiary_account(&channel).unwrap_or_default();
         let balance_pre = Balances::<Test>::usable_balance(&reward_account);
         let payout_earned_pre =
             Content::channel_by_id(self.item.channel_id).cumulative_payout_earned;
diff --git a/runtime-modules/content/src/tests/nft/accept_incoming_offer.rs b/runtime-modules/content/src/tests/nft/accept_incoming_offer.rs
index f2d3691731..b670b09021 100644
--- a/runtime-modules/content/src/tests/nft/accept_incoming_offer.rs
+++ b/runtime-modules/content/src/tests/nft/accept_incoming_offer.rs
@@ -1,7 +1,8 @@
 #![cfg(test)]
+use crate::tests::curators;
 use crate::tests::fixtures::{
     create_default_member_owned_channel_with_video, create_initial_storage_buckets_helper,
-    increase_account_balance_helper, UpdateChannelFixture,
+    increase_account_balance_helper, CreateChannelFixture, CreateVideoFixture,
 };
 use crate::tests::mock::*;
 use crate::*;
@@ -180,23 +181,21 @@ fn accept_incoming_offer_no_incoming_offers() {
 }
 
 #[test]
-fn accept_incoming_offer_reward_account_is_not_set_succeeds_with_member_owner_channel() {
+fn accept_incoming_offer_ok_with_reward_account_not_set_succeeds_with_member_owner_channel() {
+    let video_id = 1u64;
     with_default_mock_builder(|| {
         // Run to block one to see emitted events
         run_to_block(1);
-
-        let video_id = NextVideoId::<Test>::get();
-        create_initial_storage_buckets_helper();
-        increase_account_balance_helper(DEFAULT_MEMBER_ACCOUNT_ID, INITIAL_BALANCE);
-        create_default_member_owned_channel_with_video();
-
-        UpdateChannelFixture::default()
+        // channel with no reward account
+        CreateChannelFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .call();
+        CreateVideoFixture::default()
             .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
             .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
-            .with_reward_account(Some(None))
-            .call_and_assert(Ok(()));
+            .call();
 
-        // Issue nft
         assert_ok!(Content::issue_nft(
             Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
             ContentActor::Member(DEFAULT_MEMBER_ID),
@@ -204,21 +203,28 @@ fn accept_incoming_offer_reward_account_is_not_set_succeeds_with_member_owner_ch
             NftIssuanceParameters::<Test>::default(),
         ));
 
+        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, DEFAULT_NFT_PRICE);
+
         // Offer nft
         assert_ok!(Content::offer_nft(
             Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
             video_id,
             ContentActor::Member(DEFAULT_MEMBER_ID),
             SECOND_MEMBER_ID,
-            None,
+            Some(100u64), // price
         ));
 
         // Make an attempt to accept incoming nft offer if sender is owner and reward account is not set
-        let accept_incoming_offer_result =
-            Content::accept_incoming_offer(Origin::signed(SECOND_MEMBER_ACCOUNT_ID), video_id);
+        assert_ok!(Content::accept_incoming_offer(
+            Origin::signed(SECOND_MEMBER_ACCOUNT_ID),
+            video_id
+        ));
 
-        // Failure checked
-        assert_ok!(accept_incoming_offer_result,);
+        // check owner balance increased by net profit
+        assert_eq!(
+            Balances::<Test>::usable_balance(DEFAULT_MEMBER_ACCOUNT_ID),
+            100u64 - (Content::platform_fee_percentage() * 100u64)
+        );
     })
 }
 
@@ -228,31 +234,31 @@ fn accept_incoming_offer_reward_account_burns_token_with_curator_owner_channel()
         // Run to block one to see emitted events
         run_to_block(1);
 
-        let video_id = NextVideoId::<Test>::get();
-        create_initial_storage_buckets_helper();
-        increase_account_balance_helper(DEFAULT_MEMBER_ACCOUNT_ID, INITIAL_BALANCE);
-        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, DEFAULT_NFT_PRICE);
-        create_default_member_owned_channel_with_video();
+        let curator_group_id = curators::add_curator_to_new_group(DEFAULT_CURATOR_ID);
+        let video_id = Content::next_video_id();
+        let curator_actor = ContentActor::Curator(curator_group_id, DEFAULT_CURATOR_ID);
+        CreateChannelFixture::default()
+            .with_sender(DEFAULT_CURATOR_ACCOUNT_ID)
+            .with_actor(curator_actor)
+            .call();
+        CreateVideoFixture::default()
+            .with_sender(DEFAULT_CURATOR_ACCOUNT_ID)
+            .with_actor(ContentActor::Curator(curator_group_id, DEFAULT_CURATOR_ID))
+            .call();
 
-        UpdateChannelFixture::default()
-            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
-            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
-            .with_reward_account(Some(None))
-            .call_and_assert(Ok(()));
-
-        // Issue nft
         assert_ok!(Content::issue_nft(
-            Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
-            ContentActor::Member(DEFAULT_MEMBER_ID),
+            Origin::signed(DEFAULT_CURATOR_ACCOUNT_ID),
+            curator_actor,
             video_id,
             NftIssuanceParameters::<Test>::default(),
         ));
 
+        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, DEFAULT_NFT_PRICE);
         // Offer nft
         assert_ok!(Content::offer_nft(
-            Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
+            Origin::signed(DEFAULT_CURATOR_ACCOUNT_ID),
             video_id,
-            ContentActor::Member(DEFAULT_MEMBER_ID),
+            curator_actor,
             SECOND_MEMBER_ID,
             Some(DEFAULT_NFT_PRICE),
         ));
diff --git a/runtime-modules/content/src/tests/nft/buy_nft.rs b/runtime-modules/content/src/tests/nft/buy_nft.rs
index f2ee37d029..ffa31e4e52 100644
--- a/runtime-modules/content/src/tests/nft/buy_nft.rs
+++ b/runtime-modules/content/src/tests/nft/buy_nft.rs
@@ -463,28 +463,35 @@ fn buy_now_ok_with_nft_owner_member_credited_with_payment() {
 }
 
 #[test]
-fn buy_now_ok_with_nft_owner_member_owned_channel_credited_with_payment() {
+fn buy_now_ok_with_nft_owner_member_owned_channel_and_no_reward_account_credited_with_payment() {
     with_default_mock_builder(|| {
         // Run to block one to see emitted events
-        let starting_block = 1;
-        let video_id = Content::next_video_id();
-        run_to_block(starting_block);
-        setup_nft_on_sale_scenario();
-        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, DEFAULT_NFT_PRICE);
-        let platform_fee = Content::platform_fee_percentage().mul_floor(DEFAULT_NFT_PRICE);
-        let balance_pre = Balances::<Test>::usable_balance(DEFAULT_MEMBER_ACCOUNT_ID);
+        run_to_block(1u64);
 
+        let video_id = 1u64;
+        CreateChannelFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .call_and_assert(Ok(()));
+
+        CreateVideoFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .with_channel_id(1u64)
+            .with_nft_in_sale(100u64)
+            .call_and_assert(Ok(()));
+
+        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, 100u64);
         assert_ok!(Content::buy_nft(
             Origin::signed(SECOND_MEMBER_ACCOUNT_ID),
             video_id,
             SECOND_MEMBER_ID,
-            DEFAULT_NFT_PRICE,
+            100u64,
         ));
 
         assert_eq!(
             Balances::<Test>::usable_balance(DEFAULT_MEMBER_ACCOUNT_ID),
-            // balance_pre - platform fee (since channel owner it retains royalty)
-            balance_pre + DEFAULT_NFT_PRICE - platform_fee,
+            100u64 - (Content::platform_fee_percentage() * 100u64),
         )
     })
 }
@@ -508,7 +515,6 @@ fn buy_now_ok_with_nft_owner_curator_group_owned_channel_and_non_set_account_and
         CreateVideoFixture::default()
             .with_sender(DEFAULT_CURATOR_ACCOUNT_ID)
             .with_actor(ContentActor::Curator(group_id, DEFAULT_CURATOR_ID))
-            .with_channel_id(NextChannelId::<Test>::get() - 1)
             .call_and_assert(Ok(()));
 
         assert_ok!(Content::issue_nft(
@@ -578,7 +584,38 @@ pub fn proceeds_are_burned_if_nft_owned_by_curator_channel_with_no_reward_accoun
 }
 
 #[test]
-pub fn nft_channel_member_owner_is_correctly_credited_after_sale() {
+pub fn proceeds_are_correctly_credited_if_nft_owned_by_member_channel_with_no_reward_account_and_royalty_specified(
+) {
+    with_default_mock_builder(|| {
+        increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, 100u64);
+        // channel with no reward account
+        CreateChannelFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .call();
+        CreateVideoFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .with_nft_in_sale(100u64)
+            .with_nft_royalty(1)
+            .call();
+
+        assert_ok!(Content::buy_nft(
+            Origin::signed(SECOND_MEMBER_ACCOUNT_ID),
+            1u64,
+            SECOND_MEMBER_ID,
+            100u64,
+        ));
+
+        assert_eq!(
+            Balances::<Test>::usable_balance(DEFAULT_MEMBER_ACCOUNT_ID),
+            100u64 - (Content::platform_fee_percentage() * 100u64)
+        );
+    })
+}
+
+#[test]
+pub fn nft_channel_member_owner_with_reward_account_set_is_correctly_credited_after_sale() {
     with_default_mock_builder(|| {
         increase_account_balance_helper(SECOND_MEMBER_ACCOUNT_ID, 100u64);
         CreateChannelFixture::default()
diff --git a/runtime-modules/content/src/tests/nft/pick_open_auction_winner.rs b/runtime-modules/content/src/tests/nft/pick_open_auction_winner.rs
index e1bff9974d..011409b036 100644
--- a/runtime-modules/content/src/tests/nft/pick_open_auction_winner.rs
+++ b/runtime-modules/content/src/tests/nft/pick_open_auction_winner.rs
@@ -605,3 +605,71 @@ fn auction_proceeds_are_burned_in_case_of_curator_owned_channel_is_auctioneer()
         assert_eq!(Balances::<Test>::total_issuance(), issuance_pre - bid);
     })
 }
+
+#[test]
+fn auction_proceeds_ok_in_case_of_member_owned_channel_with_no_reward_account_is_auctioneer() {
+    with_default_mock_builder(|| {
+        let video_id = Content::next_video_id();
+        CreateChannelFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .call();
+        CreateVideoFixture::default()
+            .with_sender(DEFAULT_MEMBER_ACCOUNT_ID)
+            .with_actor(ContentActor::Member(DEFAULT_MEMBER_ID))
+            .call();
+
+        assert_ok!(Content::issue_nft(
+            Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
+            ContentActor::Member(DEFAULT_MEMBER_ID),
+            video_id,
+            NftIssuanceParameters::<Test>::default(),
+        ));
+
+        let bid_lock_duration = Content::min_bid_lock_duration();
+
+        let auction_params = OpenAuctionParams::<Test> {
+            starting_price: Content::min_starting_price(),
+            buy_now_price: None,
+            bid_lock_duration,
+            starts_at: None,
+            whitelist: BTreeSet::new(),
+        };
+
+        // Start nft auction
+        assert_ok!(Content::start_open_auction(
+            Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
+            ContentActor::Member(DEFAULT_MEMBER_ID),
+            video_id,
+            auction_params.clone(),
+        ));
+
+        // deposit initial balance
+        let bid = Content::min_starting_price();
+        let platform_fee = Content::platform_fee_percentage().mul_floor(bid);
+
+        let _ = balances::Module::<Test>::deposit_creating(&SECOND_MEMBER_ACCOUNT_ID, bid);
+
+        // Make nft auction bid
+        assert_ok!(Content::make_open_auction_bid(
+            Origin::signed(SECOND_MEMBER_ACCOUNT_ID),
+            SECOND_MEMBER_ID,
+            video_id,
+            bid,
+        ));
+
+        // Pick open auction winner
+        assert_ok!(Content::pick_open_auction_winner(
+            Origin::signed(DEFAULT_MEMBER_ACCOUNT_ID),
+            ContentActor::Member(DEFAULT_MEMBER_ID),
+            video_id,
+            SECOND_MEMBER_ID,
+            bid,
+        ));
+
+        assert_eq!(
+            Balances::<Test>::usable_balance(DEFAULT_MEMBER_ACCOUNT_ID),
+            bid - platform_fee
+        );
+    })
+}
diff --git a/runtime/CHANGELOG.md b/runtime/CHANGELOG.md
index 8e480c856c..162d234e72 100644
--- a/runtime/CHANGELOG.md
+++ b/runtime/CHANGELOG.md
@@ -1,3 +1,25 @@
+### Version 10.7.0 - upgrade
+- NFT channel proceeds bug fix [#3763](https://github.com/Joystream/joystream/pull/3763)
+  - Fix logic in dispatch calls: `content::claim_channel_reward()`, `content::pick_open_auction_winner()`
+- No runtime types changed
+
+### Version 10.6.0 - Rhodes - upgrade
+- Enable NFT functionality
+- Types updated - types pacakge version v0.19.3
+- Modified some runtime constants and initial [values](https://github.com/Joystream/joystream/pull/3678):
+  - Changed NFT parameters `MaxStartingPrice` and `MaxBidStep`
+  - Changed inflation curve, to reduce validator rewards
+  - Changed grace period for proposal types Set council budget increment
+  - Changed forum `MaxSubcategories` and `MaxCategories`
+
+### Version 10.5.0 - Olympia - new chain
+- New feature new Membership system
+- New feature Improved Council and Election system
+- New feature Bounties
+- New NFT feature - Disabled to simplify next update
+- Forum improvements
+- New types package - version v0.18.3
+
 ### Version 9.14.0 - Giza - upgrade
 - New storage and distribution runtime module
 - Renaming of working groups and adding new working group for distributor role
diff --git a/runtime/Cargo.toml b/runtime/Cargo.toml
index 5fa87a4271..9df2c68c81 100644
--- a/runtime/Cargo.toml
+++ b/runtime/Cargo.toml
@@ -4,7 +4,7 @@ edition = '2018'
 name = 'joystream-node-runtime'
 # Follow convention: https://github.com/Joystream/substrate-runtime-joystream/issues/1
 # {Authoring}.{Spec}.{Impl} of the RuntimeVersion
-version = '10.6.0'
+version = '10.7.0'
 
 [dependencies]
 # Third-party dependencies
diff --git a/runtime/src/lib.rs b/runtime/src/lib.rs
index b7049f957b..fa37e4308a 100644
--- a/runtime/src/lib.rs
+++ b/runtime/src/lib.rs
@@ -98,7 +98,7 @@ pub const VERSION: RuntimeVersion = RuntimeVersion {
     spec_name: create_runtime_str!("joystream-node"),
     impl_name: create_runtime_str!("joystream-node"),
     authoring_version: 10,
-    spec_version: 6,
+    spec_version: 7,
     impl_version: 0,
     apis: crate::runtime_api::EXPORTED_RUNTIME_API_VERSIONS,
     transaction_version: 1,
diff --git a/runtime/src/runtime_api.rs b/runtime/src/runtime_api.rs
index 078d0c9608..56682bef0b 100644
--- a/runtime/src/runtime_api.rs
+++ b/runtime/src/runtime_api.rs
@@ -1,5 +1,4 @@
 use frame_support::inherent::{CheckInherentsResult, InherentData};
-use frame_support::storage::StorageValue;
 use frame_support::traits::{KeyOwnerProofSystem, OnRuntimeUpgrade, Randomness};
 use frame_support::unsigned::{TransactionSource, TransactionValidity};
 use pallet_grandpa::fg_primitives;
@@ -83,9 +82,6 @@ pub struct CustomOnRuntimeUpgrade;
 impl OnRuntimeUpgrade for CustomOnRuntimeUpgrade {
     fn on_runtime_upgrade() -> Weight {
         ProposalsEngine::cancel_active_and_pending_proposals();
-        // Set NFT values
-        <content::MaxStartingPrice<Runtime>>::put(Balance::from(1_000_000_000_000u64));
-        <content::MaxBidStep<Runtime>>::put(Balance::from(1_000_000_000_000u64));
 
         10_000_000 // TODO: adjust weight
     }
diff --git a/tests/network-tests/src/misc/assertPostUpgradeConsts.ts b/tests/network-tests/src/misc/assertPostUpgradeConsts.ts
deleted file mode 100644
index 919b18a735..0000000000
--- a/tests/network-tests/src/misc/assertPostUpgradeConsts.ts
+++ /dev/null
@@ -1,65 +0,0 @@
-import { assert } from 'chai'
-import { FlowProps } from '../Flow'
-import { extendDebug } from '../Debugger'
-import { CreateProposalsFixture } from '../fixtures/proposals/CreateProposalsFixture'
-import { BuyMembershipHappyCaseFixture } from '../fixtures/membership/BuyMembershipHappyCaseFixture'
-import { FixtureRunner } from '../Fixture'
-import BN from 'bn.js'
-
-export default async function assertValues({ api, query }: FlowProps): Promise<void> {
-  const debug = extendDebug('flow:postMigrationAssertions')
-  debug('Started')
-
-  debug('Check runtime spec version')
-  const version = await api.rpc.state.getRuntimeVersion()
-  assert.equal(version.specVersion.toNumber(), 6)
-
-  debug('Check that post migration NFT value are updated')
-
-  const maxNftStartingPrice = (await api.query.content.maxStartingPrice()).toNumber()
-  const maxNftBidStep = (await api.query.content.maxBidStep()).toNumber()
-
-  // These values are expected on production runtime profile
-  assert.equal(maxNftStartingPrice, 1000000000000)
-  assert.equal(maxNftBidStep, 1000000000000)
-
-  debug('Check that post migration Forum values are updated')
-
-  const maxForumCategories = api.consts.forum.maxCategories.toNumber()
-  const maxForumSubCategories = api.consts.forum.maxSubcategories.toNumber()
-
-  assert.equal(maxForumCategories, 40)
-  assert.equal(maxForumSubCategories, 40)
-
-  debug('Check set_council_budget_increment_proposal grace period')
-
-  // Grant treasury account large balance to transfer to new member for buying membership
-  // and staking. From a forked state there is no guarantee the account has sufficient funds.
-  await api.grantTreasuryWorkingBalance()
-
-  debug('creating new member')
-  const [memberControllerAcc] = (await api.createKeyPairs(1)).map(({ key }) => key.address)
-  const buyMembershipFixture = new BuyMembershipHappyCaseFixture(api, query, [memberControllerAcc])
-  await new FixtureRunner(buyMembershipFixture).run()
-  const [memberId] = buyMembershipFixture.getCreatedMembers()
-
-  debug('creating proposal')
-  const createProposal = new CreateProposalsFixture(api, query, [
-    {
-      asMember: memberId,
-      title: 'test proposal',
-      description: 'testing council budget increment proposal grace period',
-      exactExecutionBlock: undefined,
-      type: 'SetCouncilBudgetIncrement',
-      details: 1_000_000,
-    },
-  ])
-
-  await new FixtureRunner(createProposal).run()
-  debug('checking proposal parameters')
-  const proposalId = createProposal.getCreatedProposalsIds()[0]
-  const proposal = await api.query.proposalsEngine.proposals(proposalId)
-  assert.equal(proposal.parameters.gracePeriod.toNumber(), 14400)
-
-  debug('Done')
-}
diff --git a/tests/network-tests/src/misc/postRuntimUpdateChecks.ts b/tests/network-tests/src/misc/postRuntimUpdateChecks.ts
new file mode 100644
index 0000000000..2d8c6c2d07
--- /dev/null
+++ b/tests/network-tests/src/misc/postRuntimUpdateChecks.ts
@@ -0,0 +1,14 @@
+import { assert } from 'chai'
+import { FlowProps } from '../Flow'
+import { extendDebug } from '../Debugger'
+
+export default async function assertValues({ api }: FlowProps): Promise<void> {
+  const debug = extendDebug('flow:postMigrationAssertions')
+  debug('Started')
+
+  debug('Check runtime spec version')
+  const version = await api.rpc.state.getRuntimeVersion()
+  assert.equal(version.specVersion.toNumber(), 7)
+
+  debug('Done')
+}
diff --git a/tests/network-tests/src/scenarios/postRuntimeUpdate.ts b/tests/network-tests/src/scenarios/postRuntimeUpdate.ts
index 96043327b9..e449553848 100644
--- a/tests/network-tests/src/scenarios/postRuntimeUpdate.ts
+++ b/tests/network-tests/src/scenarios/postRuntimeUpdate.ts
@@ -1,7 +1,7 @@
 import { scenario } from '../Scenario'
-import assertValues from '../misc/assertPostUpgradeConsts'
+import postRuntimeUpdateChecks from '../misc/postRuntimUpdateChecks'
 
 scenario('Post Runtime Upgrade', async ({ job }) => {
   // Verify constants
-  job('Verify Values', assertValues)
+  job('Run Checks', postRuntimeUpdateChecks)
 })
diff --git a/utils/chain-spec-builder/Cargo.toml b/utils/chain-spec-builder/Cargo.toml
index a4b39ef297..63948a3a07 100644
--- a/utils/chain-spec-builder/Cargo.toml
+++ b/utils/chain-spec-builder/Cargo.toml
@@ -3,7 +3,7 @@ authors = ['Joystream contributors']
 build = 'build.rs'
 edition = '2018'
 name = 'chain-spec-builder'
-version = '6.6.0'
+version = '6.7.0'
 
 [dependencies]
 enum-utils = "0.1.2"