Nucleic acid compositions encoding rapidly maturing fluorescent proteins, as well as non-aggregating versions thereof (and mutants thereof) as well as the proteins encoding the same, are provided. The proteins of interest are proteins that are fluorescent, where this feature arises from the interaction of two or more residues of the protein. The subject proteins are further characterized in that, in certain embodiments, they are mutants of wild type proteins that are obtained either from non-bioluminescent Cnidarian, e.g., Anthozoan, species or are obtained from Anthozoan non-Pennatulacean (sea pen) species. In certain embodiments, the subject proteins are mutants of wild type Discosoma sp. “red” fluorescent protein. Also of interest are proteins that are substantially similar to, or mutants of, the above specific proteins. Also provided are fragments of the nucleic acids and the peptides encoded thereby, as well as antibodies to the subject proteins and transgenic cells and organisms. The subject protein and nucleic acid compositions find use in a variety of different applications. Finally, kits for use in such applications, e.g., that include the subject nucleic acid compositions, are provided.