One who is engaged in the service of the Lord by accepting the bhakti-yoga system, sa guṇān samatītyaitān brahma-bhūyāya kalpate (BG 14.26), he immediately becomes transcendental to the three material qualities, namely the sattva-guṇa, rajo-guṇa and tamo-guṇa. And that is called mukti. Mukti does not mean that when you become liberated you'll have got so many heads or so many legs. No. Mukti means svarūpeṇa vyavasthitiḥ (SB 2.10.6), to be situated in one's original, constitutional position. That is Kṛṣṇa consciousness.
So this verse recommends that pibata bhāgavataṁ rasam ālayam. Rasam ālayam. Ālayam, laya. Laya means "to merge." We are also merged into this material world. Just like your body, my body is material. But I am the soul, you are the soul. I am merged into this material . . . but because I am spirit, although I am merged, I am not getting happiness.
Just like if you are put into the Atlantic Ocean, you merge, but because you are not the living entity of the water, you cannot be happy. You cannot be happy. That merging is there. You have to merge into the spiritual existence; then you'll be happy. That is bhāgavataṁ rasam ālayam (SB 1.1.3).