Naufragare means “to be shipwrecked” or “to founder,” a vivid and unusual verb connected to the sea. In the song, the old sea says it must naufragare, while the singer uses the word metaphorically for feeling lost until he finds his place and his true face.
Grignani tells a fable. "Tanto tempo fa / C'era un vecchio mare" (A long time ago / There was an old sea): a tired sea confides in a friend that it has nowhere left to break its waves, so "Devo naufragare" (I must run aground), even though it is the sea itself. The singer recognises himself in it. He is not that old, but he too has to wreck himself to find "La mia vera faccia da indossare" (My true face to wear), because every face he tries on slips off: "Una faccia che mi scivola" (A face that slips off me).
The second verse retells the same story with the ending changed. Now the sea says "Ho trovato il mio posto" (I've found my place) and "Non devo naufragare" (I don't have to run aground). The faces flip with it: "Una faccia io l'ho già" (I already have a face), one that suits him and stays put. The song is the same scene played twice, before and after he stops pretending to be someone else.