Commentators emphasize that Peter applies four glorious Old Testament titles for Israel directly to Christians: 'a chosen race,' 'a royal priesthood,' 'a holy nation,' and 'a people for God's own possession.' This means every believer has been sovereignly selected, given the dual dignity of royalty and priestly access to God, set apart as holy, and treasured as God's special property. This is your new, unshakeable identity in Christ.