Mutant Cats originated in October 2021 when it was launched by an anonymous development team. The initial concept was to buy Cool Cats with the proceeds from the minting process, specifically targeting individuals who were priced out of owning those particular NFTs. However, the project's vision expanded over time.
The developers decided to broaden the concept and include the purchase of other blue-chip NFTs. They also introduced a lite version of a decentralized autonomous organization (DAO) to facilitate voting on asset acquisition and storage through a vault.
Unfortunately, the project experienced a setback when the developers attempted a "soft rug" after a semi-failed auction for a follow-up collection.
In response to this incident, the DAO members united to protect the project from the developers' negative intentions. They successfully removed the original developers from their multisignature wallets, taking control of the project and its assets.