Question

This is the term used by Europeans in the 16th century to describe the land they "discovered" between Europe and Asia

Answer 1

The Europeans in the 16th century used the term "New World" to describe the land "discovered" between Europe and Asia.  Amerigo Vespucci coined the term "New World" or "Mundus Novus" in latin, Vespucci had the hypothesis that the lands discovered by Christopher Columbus to the west were not the edges of Asia, but a completely different continent, which he called "New World".