The late James Pond wrote a wonderful illustrated set of articles on Time Machine. This one discusses the problems with placing your backup on a NAS drive:
Time Machine can back up to some NAS drives, but only those that meet the criteria specified in this Apple article: Disks that can be used with Time Machine. The technical details of one part are documented in Time Machine Network Interface Specification. Especially if the error detection, correction, and notification in those specifications aren't handled exactly right by the NAS, it may work, or seem to work, for a while, but eventually fail or corrupt the backups.
Be very careful here: just because a 3rd-party vendor claims to support Time Machine doesn't necessarily mean that Apple supports that configuration, or that it will work reliably in all circumstances (many won't).
Pondini's Time Machine - Frequently Asked Questions -- 2. What can Time Machine back up, and where can it put it’s backups?