In his message, Peter demonstrates the value that God places on us by showing the price that He paid for us. In exchange for an eternal reconciliation, He did not pay merely silver or gold. In the following verse, it is revealed that He paid for us with the blood of His own Son, a currency of unlimited value. And what did He redeem us from? Worthlessness. We were freed from an empty, meaningless waste of time and all that the world has to offer.
God created us, and we belong to Him, yet by disobeying His commands, we sold ourselves into slavery. As a result, we break the bonds of intimate relationship with the Lord and condemn ourselves to eternal separation from Him. However, God has redeemed us through His grace. The price that God paid for our redemption was an enormous one, owing to His love for us.
In order to redeem us from the power of Satan and our empty way of life inherited from our fathers, God had to pay the greatest price ever paid to buy back something that belonged to the purchaser by right. It was not with perishable items such as silver or gold that we have been redeemed, but rather with the precious blood of Christ, the only begotten Son of God.

Dear Heavenly Father, I am surprised, humbled, and delighted to know that You place such high value on me. Don't let me cheapen myself with sin, dwell on petty things, and chase after useless things. In no words can I express my gratitude and thanks to You for buying me back from the empty life I inherited as a human being. I thank You for giving me eternal life through grace through faith.
In Jesus's name I pray. Amen.