The caption of the portrait: Ferdinan[dus] Magellanus superatis antarctici freti angustiis clariss; translation: Ferdinand Magellan, you overcame the famous, narrow, southern straits---the Strait of Magellan, you know.
As is well known Magellan did the first circumnavigation of the Earth: the Magellan-Elcano circumnavigation, 1519--1522 starting and ending in Sanlucar de Barrameda, Spain.
Image 2 Caption: The path of the Magellan-Elcano circumnavigation on world map that may be in Winkel tripel projection.
Magellan himself actually didn't make it all around---"Magellan died here"---but 18 of his crew did.
As well as discovering the Strait of Magellan, Magellan also did NOT discover the Magellanic Clouds (Large Magellanic Cloud (LMC) and Small Magellanic Cloud (SMC)) which are small irregular galaxies in orbit around the Milky Way. They were discovered by earlier European explorers, but Magellan got his name on them anyway (see Wikipedia: Large Magellanic Cloud: History of observation; Wikipedia: Magellanic Clouds: History).
Of course, aforesaid discoveries were relative to Europe. The natives of Tierra del Fuego and vicinity already knew about the Strait of Magellan---just NOT its name obviously---NOR where it was on a world map. Everyone who lived in the Southern Hemisphere and even a few degrees latitude north of the equator knew about the Magellanic Clouds---if they ever bothered to look.
In fact, Magellan committed crimes in his explorations---largely condoned by the culture he was a member of---and removing his name from things has been urged (see, e.g., Mia de los Reyes, 2023, Astronomers Need to Rename the Magellanic Clouds). It may be that the Magellanic Clouds (i.e., Large Magellanic Cloud and Small Magellanic Cloud) will become the Milky Clouds or M-something Clouds so that we can keep the acronyms for them LMC and SMC.
By the by, yours truly has a friend who accidently circumnavigated the Earth: she went to a conference in China going west, missed her return flight, and kept going west till she was home in Spain.