"But ye are a chosen generation, a royal priesthood, an holy nation, a peculiar people; that ye should shew forth the praises of him who hath called you out of darkness into his marvellous light: which in time past were not a people, but are now the people of God: which had not obtained mercy, but now have obtained mercy." - 1 Peter 2:9-10 KJV

Because we have entered the new covenant, obeying the gospel (Acts 2:38) and filled with His Spirit, we are a chosen generation.

"These shall make war with the Lamb, and the Lamb shall overcome them: for he is Lord of lords, and King of kings: and they that are with him are called, and chosen, and faithful." - Revelation 17:14 KJV

"According as he hath chosen us in him before the foundation of the world, that we should be holy and without blame before him in love:" - Ephesians 1:4 KJV

We are a royal priesthood –

"And hast made us unto our God kings and priests: and we shall reign on the earth." - Revelation 5:10 KJV

"Ye also, as lively stones, are built up a spiritual house, an holy priesthood, to offer up spiritual sacrifices, acceptable to God by Jesus Christ." - 1 Peter 2:5 KJV

We are a holy nation –

"That he might present it to himself a glorious church, not having spot, or wrinkle, or any such thing; but that it should be holy and without blemish." - Ephesians 5:27 KJV

"If any man defile the temple of God, him shall God destroy; for the temple of God is holy, which temple ye are." - 1 Corinthians 3:17 KJV

We are a peculiar people –

“Peculiar” in this verse means, “possession, one’s own property,” according to Thayer’s Greek Lexicon.

We are God’s possession. By the covenant of the gospel, God has purchased us with His own blood.

"Take heed therefore unto yourselves, and to all the flock, over the which the Holy Ghost hath made you overseers, to feed the church of God, which he hath purchased with his own blood." - Acts 20:28 KJV

"For ye are bought with a price: therefore glorify God in your body, and in your spirit, which are God's." - 1 Corinthians 6:20 KJV

"To the praise of the glory of his grace, wherein he hath made us accepted in the beloved." - Ephesians 1:6 KJV