"When God speaks of a 'new' covenant, it means he has made the first one obsolete. It is now out of date and will soon disappear.
The author of Hebrews tells us that the Old Testament laws have been made obsolete by Jesus Christ. For example, we are no longer under the rules that required a yearly animal sacrifice at the temple in Jerusalem. Jesus was the perfect sacrifice and gave his life once and for all. By believing in him we are made new.
For today's devotional exercise, identify one thing that you own that most people would think is obsolete. This can be a piece of old technology, like the cassette tape in the picture above. Or this may be a fashion accessory that you used to wear, but don't anymore. Ask yourself why this item or style was popular at one time. What has replaced it now? How would you describe the new covenant that God has made with humanity?