Did you know all you need to monetize your API is to put it in an API marketplace? We’ll explain more about this in this post!
Application Programming Interfaces (APIs) are on the rise these days. Every day businesses rely on them more to develop their tech modernization efforts and achieve their goals.
Because of the big demand for APIs a lot of marketplaces got created. These are the key to monetizing APIs and connecting API producers and API consumers.
Without the marketplaces, it wasn’t so easy for people to discover good APIs; and now they’re a big reason why APIs are on the rise.
To understand their importance you should know what an API marketplace is and how it works.
What’s a marketplace?
An online marketplace (or online e-commerce marketplace) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are the primary type of multichannel e-commerce and can be a way to streamline the production process.
Everyone knows marketplaces like the ones on Amazon and Facebook where you can buy and list things to sell. An API marketplace is like that but with APIs!
An API marketplace allows API providers to publish APIs so developers can discover them. The marketplace also allows providers to monetize their APIs, usually by creating a subscription plan (or a variety of different subscription plans). There is another big benefit for providers who list their API on a marketplace.
What’s the difference between an API Marketplace and API Portal?
Many people don’t know the difference between an API marketplace and an API portal. But the dissimilarity is clear.
First of all, you need to know that a single API producer usually deploys a portal. It enables developers to understand how the API works so that they can smoothly incorporate it into applications.
API portals are normally made from an API management template from scratch. They include a lot of features such as interactive explorers and tutorials for example and they have API documentation.
An API marketplace, on the other hand, brings together several API producers into a single view and allows developers to search and implement the APIs they like. So, in addition to the attributes of a portal, a marketplace aggregates multiple components into a single panel and lets API sellers and buyers connect with each other.
If you’re trying to find a good API marketplace, you should try Zyla API Hub.
Monetize your API in Zyla API Hub
If you want to monetize your API easily in the Zyla API Hub marketplace, for example, you need to click on https://zylalabs.com/api-marketplace and go to the developer and then “Add new API”.
Why do developers choose to use a marketplace?
Developers use APIs for all sorts of things. They can help you process payments, send emails and SMS texts, get the current weather, translate between currencies and languages, and much more.
Marketplaces like Zyla API Hub, handle customer acquisition, memberships, key management, rate limits, and payment collection processes so you can focus on just building fantastic APIs.
This is why you should try the user-friendly public hub: Zyla API Hub. With it, you can do things such as:
– Discover and connect to APIs.
– API providers can publish APIS for developers and partners to consume
Also, all APIS has a free plan and your credit card isn’t required.