The award has been given by Creative Showcase, an initiative developed by the Interactive Advertising Bureau to encourage creativity online.
The Trojan campaign parodied Olympic events, substituting them with sexual "sports", such as Pelvic Power Lifting and Masters of Precision Vaulting. It was named as the Online Campaign of the Month, leading to its shortlisting for the Online Creative of the Year award.
Charlotte Neser, director of Wheel:Group, and Mark Cridge, creative director of Glue London, chaired the judging panel.
"The Trojan Games is a great piece of online work. It's witty, well executed and original, one of the most memorable viral campaigns we've seen this year," the judges said.
Cridge added: "It passes the only true test -- I would forward it to everyone in my address book."
The Viral Factory will receive its award at a ceremony on Friday. It has already won a BTAA award for its work, and is behind other well-known campaigns including the SportKa "bird" campaign for Ford.
Danny Meadows-Klue, chief executive of the IAB, said: "This is a wake-up call for anyone who thought online media didn't give creative impact. Creative Showcase is filled with outstanding work. Our young digital creative industry has risen to the challenge and the IAB's CreativeShowcase.net gives us a best-in-class resource that every marketer should refer to."
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