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At its simplest, a hard drive with an ethernet interface. Generally, however, you'd use a housing that takes multiple drives and allows for different flavours of RAID, either to provide an increased total storage area, or redundancy in the event of disk failure, or both.
You can roll your own with any old chassis and a copy of FreeNAS (based on Open BSD I think), or you can purchase enclosures that are ready to go, most of them with an embedded OS that's based on a cut-down *nix of some variety. Available from hordes of manufacturers, and everyone has their own prejudices/preferences. The better ones can do much more than just be file storage, and can in effect work as a mini-server providing all sorts of additional network services (which I'll gloss over in case it descends into acronym soup and total geek mode).
My preference as stated above is for Synology, not least because they have some neat little functions to enable backup/replication between different units, even over the web, without having to dick about with firewalls, which is good for the average bear. Also, all of their enclosures run the same OS, so have the same functionality - the differences are in performance, number of drive bays, expansion etc. But other brands are available (QNAP, Dobro, Netgear* etc.)
*Personally I think the Netgear ReadyNAS range are bloody horrible - quirky UI, weird operation modes, generally hard work to work out HTF to do WTF you want to if you are knowledgeable. Possibly quite good for people who DHAFC** and just need network storage without thought, but they give me hives. Other people love them, though. You say Fender, I say Gibson etc.
**Don't Have A Clue
You want the one with the backlight on the Apple logo on the lid basically. It will have the SD card, Magsafe, full size display. USB-A and thunderbolt 2.
My next one will be a Synology.
They are for backup, not for live data.
If you use your NAS for live data you are asking for trouble, unless you wish to backup the NAS to another format (cloud, tape etc).
I attach a RAID array to my main DAW via TB3.
Everything gets backed up to the NAS.
I’ve never lost data since I started doing this.
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
They're also handy as an iSCSI source for a small office that does have a Windows DC but doesn't want to pony up for mega-posh storage.
However ... for use in a work context I have a minimum spec, which essentially means it must be at least a 4-bay "+" model, as those are somewhat superior to the entry level/SoHo ones.
{EDIT}
Clarification - I wouldn't use them as the source for e.g. video editing, but frankly you'd never want to do that over the LAN anyway unless you had 10Gb iSCSI mounts or similar. For odds and sods, they're no better or worse than a conventional file server. Because they kind of are a conventional file server.
I'm still using the very first Macbook Pro from 2006, ibasically built into the old G4 chassis. If looked after they can last 10 years or more.
https://pages.ebay.co.uk/coupons/play15.html/
JM build | Pedalboard plans
They're rubbish on discounts however and you have to sit on their Facebook page for a bit; however, they're very good.
I always speak to a guy there called Ben Miles and I think he's the Director.
Buy British .
Same discount and it will be a brand new model.
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
JM build | Pedalboard plans
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
I did it 6 months ago.