Earlier today, we announced the launch of a new virtual currency exchange with Offerpal Media (the leader in virtual currency payment alternatives).  You can now trade in gift cards for purchasing power within thousands of the Web’s top online games, virtual worlds and social networks on Offerpal’s new site, GamePoints.com (currently in beta – congrats Offerpal!!).  Visit GamePoints.com/tradein to check it out.

Offerpal will also reward you with virtual currency when you shop at big-brand retailers, take part in offers from trusted advertisers, complete market research surveys, watch online videos, and so on – learn more in Offerpal’s announcement.

At launch, you will be able to exchange your gift cards in for Game Points that can be used on participating gaming applications such as Zynga’s FarmVille, YoVille, Zynga Poker, Mafia Wars, Cafe World, PetVille, FishVille, Vampire Wars and others; Playdom’s Mobsters, Sorority Life, Social City, Tiki Resort and others; Digital Chocolate’s MMA Pro Fighter; HitGrab’s Mousehunt; TheBroth’s Barn Buddy; Tall Tree Game’s Fish World; K-Factor Media’s Castle Age; Tree Room’s My Town; Apps-O-Rama’s Car Madness; Offbeat Creations’ Be a Tycoon; BitRhymes’ The Warlords; Five Minutes’ Happy Farm; and many others.

During the beta program, Game Points can be spent in gaming applications on Facebook; after the general release Game Points will be able to be spent in games on MySpace, Bebo, Hi5 and other social networks as well as standalone MMO and virtual world sites.

“Plastic Jungle excels at helping people exchange gift cards for whatever it is they really want,” said George Garrick, CEO of Offerpal Media. “Our collaboration brings social gamers yet another way to access virtual currency on the games, applications, and sites they love.”

Our very own Gary (CEO) said, “Plastic Jungle frees trapped money in the form of unspent gift cards and allows it to start moving again. Working with Offerpal, a leader in virtual currency monetization, further taps the unredeemed gift card economy for the benefit of game developers and social publishers and their consumers. We are excited to provide a useful solution for millions of passionate, engaged, and motivated social gamers and the gift cards they have tucked away in their sock drawers.”

What’s your favorite gaming app?