[7] Bitshares was developing blockchain applications beyond cryptocurrency, extending the use cases to other peer-to-peer networks that must maintain trustworthy records in the absence of a central authority.

Starting as a developer, Mushegian was then put in charge of the BitShares DNS project, which was an early attempt to build a decentralized Internet Domain Names Service based on blockchain.

[16] In 2016, Mushegian led the team that developed Wrapped Ether (WETH), an Ethereum token compatible with the ERC-20 standard,[17] and designed protection against another vulnerability discovered shortly before.

The main themes of his posts included critiques of established financial systems and of their role in maintaining income inequality and political control;[24] disdain for the incompetence of the majority of blockchain investors,[25] whom he called LARPers;[26] thorn-in-the-flesh-style commentary on various blockchain and cryptocurrency platforms;[27] and discussions of personal issues, such as aphantasia, mental health concerns and fear of unnatural death.

[34] After Mushegian’s death in 2022, in eulogies and commemorations published online, he was called “a cypherpunk, one of a few that remained active in the crypto community.... noble in the cause”,[35] "a complicated individual, but nothing short of a visionary",[36] and someone giving inspiration by his “fierce commitment to the truth, even when others don’t yet understand.”[37] In January 2024, the first blockchain-based mobile game, Spells of Genesis, released a monthly card "Nikola The Magician" in Mushegian's memory.

The release note called Mushegian a "extraordinary visionary", "a pioneering entrepreneur and a fervent technology enthusiast", and "a brilliant mind that helped shape the future".