diff --git a/contracts/mocks/ERC721TokenMock.sol b/contracts/mocks/ERC721TokenMock.sol
new file mode 100644
index 00000000000..42b12cc29a0
--- /dev/null
+++ b/contracts/mocks/ERC721TokenMock.sol
@@ -0,0 +1,19 @@
+pragma solidity ^0.4.18;
+
+import "../token/ERC721Token.sol";
+
+/**
+ * @title ERC721TokenMock
+ * This mock just provides a public mint and burn functions for testing purposes.
+ */
+contract ERC721TokenMock is ERC721Token {
+  function ERC721TokenMock() ERC721Token() public { }
+
+  function mint(address _to, uint256 _tokenId) public {
+    super._mint(_to, _tokenId);
+  }
+
+  function burn(uint256 _tokenId) public {
+    super._burn(_tokenId);
+  }
+}
diff --git a/contracts/token/ERC721.sol b/contracts/token/ERC721.sol
new file mode 100644
index 00000000000..f88376f6110
--- /dev/null
+++ b/contracts/token/ERC721.sol
@@ -0,0 +1,16 @@
+pragma solidity ^0.4.18;
+
+/**
+ * @title ERC721 interface
+ * @dev see https://github.com/ethereum/eips/issues/721
+ */
+contract ERC721 {
+  event Transfer(address indexed _from, address indexed _to, uint256 _tokenId);
+  event Approval(address indexed _owner, address indexed _approved, uint256 _tokenId);
+
+  function balanceOf(address _owner) public view returns (uint256 _balance);
+  function ownerOf(uint256 _tokenId) public view returns (address _owner);
+  function transfer(address _to, uint256 _tokenId) public;
+  function approve(address _to, uint256 _tokenId) public;
+  function takeOwnership(uint256 _tokenId) public;
+}
diff --git a/contracts/token/ERC721Token.sol b/contracts/token/ERC721Token.sol
new file mode 100644
index 00000000000..0b86886ee21
--- /dev/null
+++ b/contracts/token/ERC721Token.sol
@@ -0,0 +1,214 @@
+pragma solidity ^0.4.18;
+
+import "./ERC721.sol";
+import "../math/SafeMath.sol";
+
+/**
+ * @title ERC721Token
+ * Generic implementation for the required functionality of the ERC721 standard
+ */
+contract ERC721Token is ERC721 {
+  using SafeMath for uint256;
+
+  // Total amount of tokens
+  uint256 private totalTokens;
+
+  // Mapping from token ID to owner
+  mapping (uint256 => address) private tokenOwner;
+
+  // Mapping from token ID to approved address
+  mapping (uint256 => address) private tokenApprovals;
+
+  // Mapping from owner to list of owned token IDs
+  mapping (address => uint256[]) private ownedTokens;
+
+  // Mapping from token ID to index of the owner tokens list
+  mapping(uint256 => uint256) private ownedTokensIndex;
+
+  /**
+  * @dev Guarantees msg.sender is owner of the given token
+  * @param _tokenId uint256 ID of the token to validate its ownership belongs to msg.sender
+  */
+  modifier onlyOwnerOf(uint256 _tokenId) {
+    require(ownerOf(_tokenId) == msg.sender);
+    _;
+  }
+
+  /**
+  * @dev Gets the total amount of tokens stored by the contract
+  * @return uint256 representing the total amount of tokens
+  */
+  function totalSupply() public view returns (uint256) {
+    return totalTokens;
+  }
+
+  /**
+  * @dev Gets the balance of the specified address
+  * @param _owner address to query the balance of
+  * @return uint256 representing the amount owned by the passed address
+  */
+  function balanceOf(address _owner) public view returns (uint256) {
+    return ownedTokens[_owner].length;
+  }
+
+  /**
+  * @dev Gets the list of tokens owned by a given address
+  * @param _owner address to query the tokens of
+  * @return uint256[] representing the list of tokens owned by the passed address
+  */
+  function tokensOf(address _owner) public view returns (uint256[]) {
+    return ownedTokens[_owner];
+  }
+
+  /**
+  * @dev Gets the owner of the specified token ID
+  * @param _tokenId uint256 ID of the token to query the owner of
+  * @return owner address currently marked as the owner of the given token ID
+  */
+  function ownerOf(uint256 _tokenId) public view returns (address) {
+    address owner = tokenOwner[_tokenId];
+    require(owner != address(0));
+    return owner;
+  }
+
+  /**
+   * @dev Gets the approved address to take ownership of a given token ID
+   * @param _tokenId uint256 ID of the token to query the approval of
+   * @return address currently approved to take ownership of the given token ID
+   */
+  function approvedFor(uint256 _tokenId) public view returns (address) {
+    return tokenApprovals[_tokenId];
+  }
+
+  /**
+  * @dev Transfers the ownership of a given token ID to another address
+  * @param _to address to receive the ownership of the given token ID
+  * @param _tokenId uint256 ID of the token to be transferred
+  */
+  function transfer(address _to, uint256 _tokenId) public onlyOwnerOf(_tokenId) {
+    clearApprovalAndTransfer(msg.sender, _to, _tokenId);
+  }
+
+  /**
+  * @dev Approves another address to claim for the ownership of the given token ID
+  * @param _to address to be approved for the given token ID
+  * @param _tokenId uint256 ID of the token to be approved
+  */
+  function approve(address _to, uint256 _tokenId) public onlyOwnerOf(_tokenId) {
+    address owner = ownerOf(_tokenId);
+    require(_to != owner);
+    if (approvedFor(_tokenId) != 0 || _to != 0) {
+      tokenApprovals[_tokenId] = _to;
+      Approval(owner, _to, _tokenId);
+    }
+  }
+
+  /**
+  * @dev Claims the ownership of a given token ID
+  * @param _tokenId uint256 ID of the token being claimed by the msg.sender
+  */
+  function takeOwnership(uint256 _tokenId) public {
+    require(isApprovedFor(msg.sender, _tokenId));
+    clearApprovalAndTransfer(ownerOf(_tokenId), msg.sender, _tokenId);
+  }
+
+  /**
+  * @dev Mint token function
+  * @param _to The address that will own the minted token
+  * @param _tokenId uint256 ID of the token to be minted by the msg.sender
+  */
+  function _mint(address _to, uint256 _tokenId) internal {
+    require(_to != address(0));
+    addToken(_to, _tokenId);
+    Transfer(0x0, _to, _tokenId);
+  }
+
+  /**
+  * @dev Burns a specific token
+  * @param _tokenId uint256 ID of the token being burned by the msg.sender
+  */
+  function _burn(uint256 _tokenId) onlyOwnerOf(_tokenId) internal {
+    if (approvedFor(_tokenId) != 0) {
+      clearApproval(msg.sender, _tokenId);
+    }
+    removeToken(msg.sender, _tokenId);
+    Transfer(msg.sender, 0x0, _tokenId);
+  }
+
+  /**
+   * @dev Tells whether the msg.sender is approved for the given token ID or not
+   * This function is not private so it can be extended in further implementations like the operatable ERC721
+   * @param _owner address of the owner to query the approval of
+   * @param _tokenId uint256 ID of the token to query the approval of
+   * @return bool whether the msg.sender is approved for the given token ID or not
+   */
+  function isApprovedFor(address _owner, uint256 _tokenId) internal view returns (bool) {
+    return approvedFor(_tokenId) == _owner;
+  }
+
+  /**
+  * @dev Internal function to clear current approval and transfer the ownership of a given token ID
+  * @param _from address which you want to send tokens from
+  * @param _to address which you want to transfer the token to
+  * @param _tokenId uint256 ID of the token to be transferred
+  */
+  function clearApprovalAndTransfer(address _from, address _to, uint256 _tokenId) internal {
+    require(_to != address(0));
+    require(_to != ownerOf(_tokenId));
+    require(ownerOf(_tokenId) == _from);
+
+    clearApproval(_from, _tokenId);
+    removeToken(_from, _tokenId);
+    addToken(_to, _tokenId);
+    Transfer(_from, _to, _tokenId);
+  }
+
+  /**
+  * @dev Internal function to clear current approval of a given token ID
+  * @param _tokenId uint256 ID of the token to be transferred
+  */
+  function clearApproval(address _owner, uint256 _tokenId) private {
+    require(ownerOf(_tokenId) == _owner);
+    tokenApprovals[_tokenId] = 0;
+    Approval(_owner, 0, _tokenId);
+  }
+
+  /**
+  * @dev Internal function to add a token ID to the list of a given address
+  * @param _to address representing the new owner of the given token ID
+  * @param _tokenId uint256 ID of the token to be added to the tokens list of the given address
+  */
+  function addToken(address _to, uint256 _tokenId) private {
+    require(tokenOwner[_tokenId] == address(0));
+    tokenOwner[_tokenId] = _to;
+    uint256 length = balanceOf(_to);
+    ownedTokens[_to].push(_tokenId);
+    ownedTokensIndex[_tokenId] = length;
+    totalTokens = totalTokens.add(1);
+  }
+
+  /**
+  * @dev Internal function to remove a token ID from the list of a given address
+  * @param _from address representing the previous owner of the given token ID
+  * @param _tokenId uint256 ID of the token to be removed from the tokens list of the given address
+  */
+  function removeToken(address _from, uint256 _tokenId) private {
+    require(ownerOf(_tokenId) == _from);
+
+    uint256 tokenIndex = ownedTokensIndex[_tokenId];
+    uint256 lastTokenIndex = balanceOf(_from).sub(1);
+    uint256 lastToken = ownedTokens[_from][lastTokenIndex];
+
+    tokenOwner[_tokenId] = 0;
+    ownedTokens[_from][tokenIndex] = lastToken;
+    ownedTokens[_from][lastTokenIndex] = 0;
+    // Note that this will handle single-element arrays. In that case, both tokenIndex and lastTokenIndex are going to
+    // be zero. Then we can make sure that we will remove _tokenId from the ownedTokens list since we are first swapping
+    // the lastToken to the first position, and then dropping the element placed in the last position of the list
+
+    ownedTokens[_from].length--;
+    ownedTokensIndex[_tokenId] = 0;
+    ownedTokensIndex[lastToken] = tokenIndex;
+    totalTokens = totalTokens.sub(1);
+  }
+}
diff --git a/test/token/ERC721Token.test.js b/test/token/ERC721Token.test.js
new file mode 100644
index 00000000000..9d03f944b5a
--- /dev/null
+++ b/test/token/ERC721Token.test.js
@@ -0,0 +1,534 @@
+import assertRevert from '../helpers/assertRevert';
+const BigNumber = web3.BigNumber;
+const ERC721Token = artifacts.require('ERC721TokenMock.sol');
+
+require('chai')
+  .use(require('chai-as-promised'))
+  .use(require('chai-bignumber')(BigNumber))
+  .should();
+
+contract('ERC721Token', accounts => {
+  let token = null;
+  const _firstTokenId = 1;
+  const _secondTokenId = 2;
+  const _unknownTokenId = 3;
+  const _creator = accounts[0];
+  const ZERO_ADDRESS = '0x0000000000000000000000000000000000000000';
+
+  beforeEach(async function () {
+    token = await ERC721Token.new({ from: _creator });
+    await token.mint(_creator, _firstTokenId, { from: _creator });
+    await token.mint(_creator, _secondTokenId, { from: _creator });
+  });
+
+  describe('totalSupply', function () {
+    it('has a total supply equivalent to the inital supply', async function () {
+      const totalSupply = await token.totalSupply();
+      totalSupply.should.be.bignumber.equal(2);
+    });
+  });
+
+  describe('balanceOf', function () {
+    describe('when the given address owns some tokens', function () {
+      it('returns the amount of tokens owned by the given address', async function () {
+        const balance = await token.balanceOf(_creator);
+        balance.should.be.bignumber.equal(2);
+      });
+    });
+
+    describe('when the given address does not own any tokens', function () {
+      it('returns 0', async function () {
+        const balance = await token.balanceOf(accounts[1]);
+        balance.should.be.bignumber.equal(0);
+      });
+    });
+  });
+
+  describe('ownerOf', function () {
+    describe('when the given token ID was tracked by this token', function () {
+      const tokenId = _firstTokenId;
+
+      it('returns the owner of the given token ID', async function () {
+        const owner = await token.ownerOf(tokenId);
+        owner.should.be.equal(_creator);
+      });
+    });
+
+    describe('when the given token ID was not tracked by this token', function () {
+      const tokenId = _unknownTokenId;
+
+      it('reverts', async function () {
+        await assertRevert(token.ownerOf(tokenId));
+      });
+    });
+  });
+
+  describe('mint', function () {
+    describe('when the given token ID was not tracked by this contract', function () {
+      const tokenId = _unknownTokenId;
+
+      describe('when the given address is not the zero address', function () {
+        const to = accounts[1];
+
+        it('mints the given token ID to the given address', async function () {
+          const previousBalance = await token.balanceOf(to);
+
+          await token.mint(to, tokenId);
+
+          const owner = await token.ownerOf(tokenId);
+          owner.should.be.equal(to);
+
+          const balance = await token.balanceOf(to);
+          balance.should.be.bignumber.equal(previousBalance + 1);
+        });
+
+        it('adds that token to the token list of the owner', async function () {
+          await token.mint(to, tokenId);
+
+          const tokens = await token.tokensOf(to);
+          tokens.length.should.be.equal(1);
+          tokens[0].should.be.bignumber.equal(tokenId);
+        });
+
+        it('emits a transfer event', async function () {
+          const { logs } = await token.mint(to, tokenId);
+
+          logs.length.should.be.equal(1);
+          logs[0].event.should.be.eq('Transfer');
+          logs[0].args._from.should.be.equal(ZERO_ADDRESS);
+          logs[0].args._to.should.be.equal(to);
+          logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+        });
+      });
+
+      describe('when the given address is the zero address', function () {
+        const to = ZERO_ADDRESS;
+
+        it('reverts', async function () {
+          await assertRevert(token.mint(to, tokenId));
+        });
+      });
+    });
+
+    describe('when the given token ID was already tracked by this contract', function () {
+      const tokenId = _firstTokenId;
+
+      it('reverts', async function () {
+        await assertRevert(token.mint(accounts[1], tokenId));
+      });
+    });
+  });
+
+  describe('burn', function () {
+    describe('when the given token ID was tracked by this contract', function () {
+      const tokenId = _firstTokenId;
+
+      describe('when the msg.sender owns given token', function () {
+        const sender = _creator;
+
+        it('burns the given token ID and adjusts the balance of the owner', async function () {
+          const previousBalance = await token.balanceOf(sender);
+
+          await token.burn(tokenId, { from: sender });
+
+          await assertRevert(token.ownerOf(tokenId));
+          const balance = await token.balanceOf(sender);
+          balance.should.be.bignumber.equal(previousBalance - 1);
+        });
+
+        it('removes that token from the token list of the owner', async function () {
+          await token.burn(tokenId, { from: sender });
+
+          const tokens = await token.tokensOf(sender);
+          tokens.length.should.be.equal(1);
+          tokens[0].should.be.bignumber.equal(_secondTokenId);
+        });
+
+        it('emits a burn event', async function () {
+          const { logs } = await token.burn(tokenId, { from: sender });
+
+          logs.length.should.be.equal(1);
+          logs[0].event.should.be.eq('Transfer');
+          logs[0].args._from.should.be.equal(sender);
+          logs[0].args._to.should.be.equal(ZERO_ADDRESS);
+          logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+        });
+
+        describe('when there is an approval for the given token ID', function () {
+          beforeEach(async function () {
+            await token.approve(accounts[1], tokenId, { from: sender });
+          });
+
+          it('clears the approval', async function () {
+            await token.burn(tokenId, { from: sender });
+            const approvedAccount = await token.approvedFor(tokenId);
+            approvedAccount.should.be.equal(ZERO_ADDRESS);
+          });
+
+          it('emits an approval event', async function () {
+            const { logs } = await token.burn(tokenId, { from: sender });
+
+            logs.length.should.be.equal(2);
+
+            logs[0].event.should.be.eq('Approval');
+            logs[0].args._owner.should.be.equal(sender);
+            logs[0].args._approved.should.be.equal(ZERO_ADDRESS);
+            logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+          });
+        });
+      });
+
+      describe('when the msg.sender does not own given token', function () {
+        const sender = accounts[1];
+
+        it('reverts', async function () {
+          await assertRevert(token.burn(tokenId, { from: sender }));
+        });
+      });
+    });
+
+    describe('when the given token ID was not tracked by this contract', function () {
+      const tokenID = _unknownTokenId;
+
+      it('reverts', async function () {
+        await assertRevert(token.burn(tokenID, { from: _creator }));
+      });
+    });
+  });
+
+  describe('transfer', function () {
+    describe('when the address to transfer the token to is not the zero address', function () {
+      const to = accounts[1];
+
+      describe('when the given token ID was tracked by this token', function () {
+        const tokenId = _firstTokenId;
+
+        describe('when the msg.sender is the owner of the given token ID', function () {
+          const sender = _creator;
+
+          it('transfers the ownership of the given token ID to the given address', async function () {
+            await token.transfer(to, tokenId, { from: sender });
+
+            const newOwner = await token.ownerOf(tokenId);
+            newOwner.should.be.equal(to);
+          });
+
+          it('clears the approval for the token ID', async function () {
+            await token.approve(accounts[2], tokenId, { from: sender });
+
+            await token.transfer(to, tokenId, { from: sender });
+
+            const approvedAccount = await token.approvedFor(tokenId);
+            approvedAccount.should.be.equal(ZERO_ADDRESS);
+          });
+
+          it('emits an approval and transfer events', async function () {
+            const { logs } = await token.transfer(to, tokenId, { from: sender });
+
+            logs.length.should.be.equal(2);
+
+            logs[0].event.should.be.eq('Approval');
+            logs[0].args._owner.should.be.equal(sender);
+            logs[0].args._approved.should.be.equal(ZERO_ADDRESS);
+            logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+
+            logs[1].event.should.be.eq('Transfer');
+            logs[1].args._from.should.be.equal(sender);
+            logs[1].args._to.should.be.equal(to);
+            logs[1].args._tokenId.should.be.bignumber.equal(tokenId);
+          });
+
+          it('adjusts owners balances', async function () {
+            const previousBalance = await token.balanceOf(sender);
+            await token.transfer(to, tokenId, { from: sender });
+
+            const newOwnerBalance = await token.balanceOf(to);
+            newOwnerBalance.should.be.bignumber.equal(1);
+
+            const previousOwnerBalance = await token.balanceOf(_creator);
+            previousOwnerBalance.should.be.bignumber.equal(previousBalance - 1);
+          });
+
+          it('adds the token to the tokens list of the new owner', async function () {
+            await token.transfer(to, tokenId, { from: sender });
+
+            const tokenIDs = await token.tokensOf(to);
+            tokenIDs.length.should.be.equal(1);
+            tokenIDs[0].should.be.bignumber.equal(tokenId);
+          });
+        });
+
+        describe('when the msg.sender is not the owner of the given token ID', function () {
+          const sender = accounts[2];
+
+          it('reverts', async function () {
+            await assertRevert(token.transfer(to, tokenId, { from: sender }));
+          });
+        });
+      });
+
+      describe('when the given token ID was not tracked by this token', function () {
+        let tokenId = _unknownTokenId;
+
+        it('reverts', async function () {
+          await assertRevert(token.transfer(to, tokenId, { from: _creator }));
+        });
+      });
+    });
+
+    describe('when the address to transfer the token to is the zero address', function () {
+      const to = ZERO_ADDRESS;
+
+      it('reverts', async function () {
+        await assertRevert(token.transfer(to, 0, { from: _creator }));
+      });
+    });
+  });
+
+  describe('approve', function () {
+    describe('when the given token ID was already tracked by this contract', function () {
+      const tokenId = _firstTokenId;
+
+      describe('when the sender owns the given token ID', function () {
+        const sender = _creator;
+
+        describe('when the address that receives the approval is the 0 address', function () {
+          const to = ZERO_ADDRESS;
+
+          describe('when there was no approval for the given token ID before', function () {
+            it('clears the approval for that token', async function () {
+              await token.approve(to, tokenId, { from: sender });
+
+              const approvedAccount = await token.approvedFor(tokenId);
+              approvedAccount.should.be.equal(to);
+            });
+
+            it('does not emit an approval event', async function () {
+              const { logs } = await token.approve(to, tokenId, { from: sender });
+
+              logs.length.should.be.equal(0);
+            });
+          });
+
+          describe('when the given token ID was approved for another account', function () {
+            beforeEach(async function () {
+              await token.approve(accounts[2], tokenId, { from: sender });
+            });
+
+            it('clears the approval for the token ID', async function () {
+              await token.approve(to, tokenId, { from: sender });
+
+              const approvedAccount = await token.approvedFor(tokenId);
+              approvedAccount.should.be.equal(to);
+            });
+
+            it('emits an approval event', async function () {
+              const { logs } = await token.approve(to, tokenId, { from: sender });
+
+              logs.length.should.be.equal(1);
+              logs[0].event.should.be.eq('Approval');
+              logs[0].args._owner.should.be.equal(sender);
+              logs[0].args._approved.should.be.equal(to);
+              logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+            });
+          });
+        });
+
+        describe('when the address that receives the approval is not the 0 address', function () {
+          describe('when the address that receives the approval is different than the owner', function () {
+            const to = accounts[1];
+
+            describe('when there was no approval for the given token ID before', function () {
+              it('approves the token ID to the given address', async function () {
+                await token.approve(to, tokenId, { from: sender });
+
+                const approvedAccount = await token.approvedFor(tokenId);
+                approvedAccount.should.be.equal(to);
+              });
+
+              it('emits an approval event', async function () {
+                const { logs } = await token.approve(to, tokenId, { from: sender });
+
+                logs.length.should.be.equal(1);
+                logs[0].event.should.be.eq('Approval');
+                logs[0].args._owner.should.be.equal(sender);
+                logs[0].args._approved.should.be.equal(to);
+                logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+              });
+            });
+
+            describe('when the given token ID was approved for the same account', function () {
+              beforeEach(async function () {
+                await token.approve(to, tokenId, { from: sender });
+              });
+
+              it('keeps the approval to the given address', async function () {
+                await token.approve(to, tokenId, { from: sender });
+
+                const approvedAccount = await token.approvedFor(tokenId);
+                approvedAccount.should.be.equal(to);
+              });
+
+              it('emits an approval event', async function () {
+                const { logs } = await token.approve(to, tokenId, { from: sender });
+
+                logs.length.should.be.equal(1);
+                logs[0].event.should.be.eq('Approval');
+                logs[0].args._owner.should.be.equal(sender);
+                logs[0].args._approved.should.be.equal(to);
+                logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+              });
+            });
+
+            describe('when the given token ID was approved for another account', function () {
+              beforeEach(async function () {
+                await token.approve(accounts[2], tokenId, { from: sender });
+              });
+
+              it('changes the approval to the given address', async function () {
+                await token.approve(to, tokenId, { from: sender });
+
+                const approvedAccount = await token.approvedFor(tokenId);
+                approvedAccount.should.be.equal(to);
+              });
+
+              it('emits an approval event', async function () {
+                const { logs } = await token.approve(to, tokenId, { from: sender });
+
+                logs.length.should.be.equal(1);
+                logs[0].event.should.be.eq('Approval');
+                logs[0].args._owner.should.be.equal(sender);
+                logs[0].args._approved.should.be.equal(to);
+                logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+              });
+            });
+          });
+
+          describe('when the address that receives the approval is the owner', function () {
+            const to = _creator;
+
+            describe('when there was no approval for the given token ID before', function () {
+              it('reverts', async function () {
+                await assertRevert(token.approve(to, tokenId, { from: sender }));
+              });
+            });
+
+            describe('when the given token ID was approved for another account', function () {
+              beforeEach(async function () {
+                await token.approve(accounts[2], tokenId, { from: sender });
+              });
+
+              it('reverts', async function () {
+                await assertRevert(token.approve(to, tokenId, { from: sender }));
+              });
+            });
+          });
+        });
+      });
+
+      describe('when the sender does not own the given token ID', function () {
+        const sender = accounts[1];
+
+        it('reverts', async function () {
+          await assertRevert(token.approve(accounts[2], tokenId, { from: sender }));
+        });
+      });
+    });
+
+    describe('when the given token ID was not tracked by the contract before', function () {
+      const tokenId = _unknownTokenId;
+
+      it('reverts', async function () {
+        await assertRevert(token.approve(accounts[1], tokenId, { from: _creator }));
+      });
+    });
+  });
+
+  describe('takeOwnership', function () {
+    describe('when the given token ID was already tracked by this contract', function () {
+      const tokenId = _firstTokenId;
+
+      describe('when the sender has the approval for the token ID', function () {
+        const sender = accounts[1];
+
+        beforeEach(async function () {
+          await token.approve(sender, tokenId, { from: _creator });
+        });
+
+        it('transfers the ownership of the given token ID to the given address', async function () {
+          await token.takeOwnership(tokenId, { from: sender });
+
+          const newOwner = await token.ownerOf(tokenId);
+          newOwner.should.be.equal(sender);
+        });
+
+        it('clears the approval for the token ID', async function () {
+          await token.takeOwnership(tokenId, { from: sender });
+
+          const approvedAccount = await token.approvedFor(tokenId);
+          approvedAccount.should.be.equal(ZERO_ADDRESS);
+        });
+
+        it('emits an approval and transfer events', async function () {
+          const { logs } = await token.takeOwnership(tokenId, { from: sender });
+
+          logs.length.should.be.equal(2);
+
+          logs[0].event.should.be.eq('Approval');
+          logs[0].args._owner.should.be.equal(_creator);
+          logs[0].args._approved.should.be.equal(ZERO_ADDRESS);
+          logs[0].args._tokenId.should.be.bignumber.equal(tokenId);
+
+          logs[1].event.should.be.eq('Transfer');
+          logs[1].args._from.should.be.equal(_creator);
+          logs[1].args._to.should.be.equal(sender);
+          logs[1].args._tokenId.should.be.bignumber.equal(tokenId);
+        });
+
+        it('adjusts owners balances', async function () {
+          const previousBalance = await token.balanceOf(_creator);
+
+          await token.takeOwnership(tokenId, { from: sender });
+
+          const newOwnerBalance = await token.balanceOf(sender);
+          newOwnerBalance.should.be.bignumber.equal(1);
+
+          const previousOwnerBalance = await token.balanceOf(_creator);
+          previousOwnerBalance.should.be.bignumber.equal(previousBalance - 1);
+        });
+
+        it('adds the token to the tokens list of the new owner', async function () {
+          await token.takeOwnership(tokenId, { from: sender });
+
+          const tokenIDs = await token.tokensOf(sender);
+          tokenIDs.length.should.be.equal(1);
+          tokenIDs[0].should.be.bignumber.equal(tokenId);
+        });
+      });
+
+      describe('when the sender does not have an approval for the token ID', function () {
+        const sender = accounts[1];
+
+        it('reverts', async function () {
+          await assertRevert(token.takeOwnership(tokenId, { from: sender }));
+        });
+      });
+
+      describe('when the sender is already the owner of the token', function () {
+        const sender = _creator;
+
+        it('reverts', async function () {
+          await assertRevert(token.takeOwnership(tokenId, { from: sender }));
+        });
+      });
+    });
+
+    describe('when the given token ID was not tracked by the contract before', function () {
+      const tokenId = _unknownTokenId;
+
+      it('reverts', async function () {
+        await assertRevert(token.takeOwnership(tokenId, { from: _creator }));
+      });
+    });
+  });
+});