Blockchain Investor Charles Read Talks Crypto, NFTs and Giving Back
August 24 2022 - 3:46AM
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As the co-founder of web3 investment firm Rarestone Capital,
Charles Read is intimately familiar with the crypto market’s
topsy-turvy nature: the euphoric highs and crippling lows that
regularly spawn both eulogies and obituaries. But the 28-year-old
is the antithesis of the wired investor who burns the midnight oil
while endlessly obsessing over trading candlesticks. A father of
three, the quiet-spoken Englishman says the secret to his success
is keeping a level head and striving for balance. “This industry is
truly remarkable, the talent at work is on another level, but you
can definitely get too wrapped up in it if you’re not careful. Like
others in the space I have an addictive/compulsive personality, and
I do get carried away and overwork at times. But I make a point of
decompressing. For me, the best way to do that is by travelling – I
find it hard to think about crypto when I have my music on and I’m
moving around the world taking it in. Exercise is also great for
unplugging and de-stressing.” Restless Youth Rarestone, which began
life as an accelerator before evolving into a focused investment
vehicle, has financed close to 100 projects since launching five
years ago. Read started the company with long-time pal Camron
Miraftab, ex-Head of Strategy at Korean blockchain startup Blocko,
and most of their investments to date have been in DeFi, GameFi and
NFT ventures. Read also sits on the advisory panel of several
crypto startups like Caduceus, a blockchain dedicated to metaverse
development. But how did he get involved in crypto in the first
place? “Gaming was my first passion, so it’s been really cool to
see blockchain games and tokenised digital commodities come to the
fore. My involvement in the industry obviously predates that whole
movement. “Before I found my way into the space I spent a lot of
time in college bouncing around different subjects – medical
science, art, photography, graphic design, English, sociology,
psychology – but I never followed through with anything because I
didn’t fall in love with them. The last time I wage cucked was as a
headhunter, recruiting for defence and government organisations. I
was reasonably good at it but I didn’t get paid enough, in my
humble opinion,” Read chuckles. Prior to forming Rarestone, there
were also stints at wallet company Zumo as well as consulting for
blockchain venture funds and high net worth investors. A Rarestone
prototype in the form of Servamps then bloomed during the crypto
winter of 2018 before Read and his partners decided to shut it down
and go their separate ways. “Rarestone really flourished at the
start of the DeFi summer of 2020, and we were exceptionally well
positioned by that point.” DeFi summer seems like a lifetime ago.
But as frothy market conditions gave way to bearish sentiment amid
the Terra crash, an energy crisis and creeping inflation, Read says
those who are in it for the right reasons simply put their heads
down and kept working. “The pump-and-dump and spray-and-pray
merchants will always do their thing, some will have phenomenal
success while others will spectacularly crash and burn, but I’m
more interested in longevity. The talented and driven teams who are
constantly working to improve the industry and make it safer,
stronger and more user-friendly. Those building play-to-earn games,
cross-chain bridges, NFT platforms, wallets, academies, DAOs, data
unions, and decentralised identity solutions are my kind of people…
If it’s not sustainable – if it doesn’t solve a genuine need and
move us further along the road – it doesn’t interest me as an
investor.” A Crypto Funding Boom The industry’s movers and shakers
have had mixed fortunes during the recent downturn: financial
services firm Galaxy Digital reported a Q2 net loss of $554.7
million, over triple the hit it endured in the same period last
year. Twitter boss Jack Dorsey’s Block Inc., meanwhile, saw YoY
profits soar by 29% in the same quarter. While some NFT and gaming
initiatives have stalled, other projects have continued racking up
milestones, particularly in terms of capital raised. A new report
from Messari shows that the crypto sector has raised $30.3 billion
so far this year, outpacing 2021 with several months still to go.
Rarestone’s own investments have held steady despite the market
slump, with the company having backed around 10 entities so far
this year, mostly in the web3 stack. “One of the things I’m most
interested in right now is the open metaverse, webspaces rather
than websites. The evolution of VR/AR will obviously accelerate
this trend massively in the coming years, and more creative
world-builders will start offering unique interactive experiences
on base layers provided by the likes of Somnium Space and
Decentraland. NFTs will have use-cases in these massive multiplayer
gaming worlds, as well as in real life.” NFTs are one of Read’s
passions, something that shouldn’t come as a surprise given his
company’s track record. His personal collection encompasses 1/1
pieces from Mike Tyson and Muhammad Ali, as well as a CryptoPunk
recently redeemed for a Tiffany necklace and almost 100
CryptoDickButts. Read is particularly bullish about the synergies
between NFTs and the entertainment world. Earlier this year, he
purchased a token dedicated to the late mother of trailblazing
hip-hop producer DJ Premier, which resulted in the pair becoming
friends. Read picks up the story: “DJ Premier worked closely with
my friends over at Animus, an artist collective home to the most
talented artists I’ve ever had the pleasure of working with, many
of whom are dear friends now. They built his first NFT collection
which incorporates original sounds made by Preemo and visuals by
Animus – real New York feels and a multitude of artists came
together to bring different elements together. “Interestingly, the
1/1 from the collection was a tribute to Preemo’s late mother, and
it was obviously very important to him. I grew up listening to
Preemo and he’s been a big inspiration to me as someone who never
seemed to slow his hustle. We hosted a party for Bitcoin Miami 2021
and celebrated the drop by calling the event Golden Era Future,
after his collection. Preemo came through and performed a set for
it, which was very cool.” As an ardent gamer and art collector,
Read clearly loves the direction in which the sector is travelling.
But he’s keen to stress that perspective on the industry is key –
there is life beyond the blockchain. “There are many investors out
there who resemble gamblers that refuse to step away from the
blackjack table. I think it’s essential to sometimes divert your
energies elsewhere. I try not to talk much about my charitable
activities, but it’s important to me that young people have the
opportunity to build entrepreneurial spirit. Because of my own
upbringing, children from single parent homes will always get my
support, and of course I like to give to educational establishments
that will teach the next wave of technology builders.” Whatever
this crazy industry has in store, Read clearly has his head on a
swivel – and his seatbelt firmly fastened. “I’m incredibly excited
about the future, not only watching the web3 projects we’ve
supported evolve but seeing blockchain tech disrupt industries like
engineering and real estate. The next ten years will open a lot of
eyes.”
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