It was over a year ago that we first looked at the white label social gaming platform, Come2Play. Since then, he company has been pretty quiet. Nonetheless, it looks like they are busy again with their latest, and quite significant, addition to the platform: Virtual currency monetization.

For those unfamiliar with Come2Play, it first launched with a service that lets web site owners easily integrate a customizable social gaming channel into web pages. Each channel contains game galleries composed of titles submitted to the Come2Play network, and include multiple play rooms, chat, and virtual goods rewards. Last October, multiplayer API was added, and while, at the time, it only was capable of supporting two-player games, when combined with the existing virtual goods, it paved the way to this latest release.

All of Come2Play’s supported games allow for players to challenge one another, according to the company. Now, the concept of challenges, in and of themselves, is not terribly out of the ordinary. They have been a standard social element in the space for a long time now. However, these Come2Play challenges add a little something to this traditional feature.This is something we have only recently seen with the company PayoutHub, which allows monetization through competitive tournaments.

Here’s how Come2Play’s challenges work: In any challenge, players are able to wager X amount of virtual tokens. The winner of that challenge then takes the total amount of the challenged tokens, which can then be used to make virtual goods purchases. Tokens are also attainable via purchase through the “Token Store” as well as through the completion of advertisement offers.

Right away, one can begin to see the revenue potential from this latest addition. Already, profits for in-network banner advertising revenues – now carried over into these new virtual currency purchases as well – are split, with all publishers receiving 40% of all proceeds. The remainder is then divided evenly between Come2Play and the developer, but with the growth of virtual goods and currencies in the United States, 30% is hardly something to scoff at. In fact, overall growth was worth around $265 million last year, and is projected, according to Piper Jaffray, to reach over $600 million by the end of 2009. We think that number may be a bit low.

Come2Play certainly looks to be a viable opportunity for both developers and publishers alike. With multiple monetization opportunities through the platform it makes for a very safe looking endeavor for any of the stated parties, and covers most, if not all, the bases for earning potential.