Constellation: Andromeda
NGC 206 is a vast starcloud in the Andromeda (M31) galaxy, roughly 2.5-3 million light years away. NGC 206 is one of the largest star forming regions known in our local group of galaxies. Studying Cepheid variable stars in NGC 206 can provide a way to accurately measure the distance to the cluster and the Andromeda galaxy. That way we may also have a proper scale for the universe as such.
See also this APOD image for reference.