There are two interpretations of the first line of the verse:
Celestial Beings' Praise: Celestial entities extol the thousand divine names of Śrīman Nārāyaṇa, who has manifested in both the sublime forms of the sages Nārāyaṇa (the Supreme Entity) and Nara (the human being).
Nityasūris' Adoration: The eternal residents of Śrīvaikuṇṭham, known as Nityasūris,