Adknowledge, one of the largest independent online ad networks, announced Tuesday that it has acquired KITN Media, owner of Super Rewards, a virtual currency monetization platform for online games and social networking sites like Facebook and MySpace, for an undisclosed amount.

Super Rewards uses virtual currency as an incentive for online gamers in order to target them with advertising. For example, in games like Mob Wars or Spy Master, a user may get to skip a level or earn a weapon if he or she fills out a form to choose which kinds of ads are displayed on the page.

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The problem Google (GOOG) is having monetizing its inventory of News Corp.’s (NWS) MySpace pages may have more to do with faulty algorithms for ad serving than it does inherent issues with social networking sites.

That’s the conclusion Pali Research analyst Richard Greenfield reached in a research piece today on News Corp. “While everyone is blaming social networking as the culprit for Google’s MySpace monetization problems, the real problem is Google itself and its search algorithms for social networking,” he asserts.

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