Laravel for Rest API development Good Choice
Even I am using it for Rest API development
For Login I am using a session field from database which acts as token for validating user accessing the API
so, if the request has the session token and it matches to the token from database then its a valid request
this approach is taken by me for validating request to my API, And every login I am resetting the token
How to create the token
Token should be able to identify the user i.e. which user is sending the token for that I am creating token by hashing userID + salt(Random and very long string).
How it works
User who is able to access the API sends login credentials, if the credentials are valid I am creating token for the user and storing the token in database with the user whose credentials are provided and sending the token value to the user as response and next time I am validating each request with the Access token
Recommendation
Instead of Laravel you can consider using Lumen(A micro-framework by Laravel) also for developing rest API.
For detailed information about rest and rest authentication
How to do authentication with a REST API right? (Browser + Native clients)
What exactly is RESTful programming?
What is REST? Slightly confused
RESTful Authentication