Since its launch early last year, Toronto-based AdParlor has been primarily focused on building out its banner ad network for social networking applications. Now, however, the company is expanding to provide offer-based monetization of virtual currency systems inside social apps.

The company says its platform is in use by 30 applications on the Facebook Platform today, including Kickmania, Bingo, and Premier Football, and is now available on MySpace and Bebo too.

Conceptually similar to other virtual currency monetization solutions from Offerpal Media, Super Rewards, and Peanut Labs Media, AdParlor’s system allows developers to make money by letting their users earn virtual currency by participating in CPA-based offers, like filling out a survey or signing up for a trial subscription. When a user participates in the offer, they get virtual currency – and the developer gets paid.

Incentivized virtual currency is proving to be an increasingly successful monetization model for app developers on Facebook, MySpace, other social networks, and now even the iPhone. The model has been particularly successful inside social games, where players take offers to progress through game play. Increasing competition in the space is a good thing for developers, advertisers, and users!

Note: AdParlor is a sponsor of this blog.