Apple's AirDrop is one of Cupertino's features that works like magic.
According to the information dug up (which is subject to change), Nearby Sharing will work by establishing and authenticating a connection between two devices via Bluetooth, and then using Wi-Fi to actually transfer the files. The last one was Android Beam that used NFC technology that meant devices had to be touching each other. This will ensure data transfer doesn't take extended periods of time. Google has been working on it for over a year now and it's now ready for the official launch. There were signs of a feature called Fast Sharing back in June but that never materialized. Xiaomi, Oppo, and Vivo recently announced that they're going to bring a cross-device file transfer feature, and previous year, there were reports that Google is working on a feature called "Fast Share", and now, XDA Developers is reporting that the feature is probably being renamed to "Nearby Share" instead.
Now an APK teardown performed by the folks at XDA Developers has revealed the final name for the feature. Under the hood, it's pretty much the same as Fast Share or other similar features, including AirDrop.
This is much the same method that AirDrop now employs and, thanks to the added bandwidth and reliability of Wi-Fi connections, allows for much faster transfers of larger files. It could also help protect users from potentially harmful apps that also advertise the same functionality.