map $request_uri $client_token {
    "~*(?i)(token=)([a-f0-9]{32})" $2;      # regex return <32str>
    default                        "";      # Fallback to limit_req_zone:global
}

limit_req_zone  $binary_remote_addr   zone=global:32m       rate=100r/s;    # Rule_1
limit_req_zone  $client_token         zone=tokenlimit:32m   rate=5r/s;      # Rule_2
limit_req       zone=global           burst=25;

server {
        location / {
            index index.html;
            root /var/www/html;
        }
        location = /api {
            index index.html;
            root /var/www/api/html;
            limit_req   zone=tokenlimit   burst=5 nodelay;  # api location
            limit_req   zone=global;                        # Fallback
            limit_req_status              429;              # 503