These events mark the formation of the Nephite nation. The taking upon themselves the name of Nephi was a symbolic action which affirmed that Nephi’s God was their God and that Nephi’s faith was their faith.
“And All Those Who Were with Me Did Take Upon Them to Call Themselves the People of Nephi”
At this time of new beginnings it was both natural and appropriate that the people of Nephi renew their covenants with God. Our forefathers did the same when it was necessary for them to flee into the wilderness.
When the vanguard company of Mormon pioneers entered the Salt Lake Valley one of their first actions was to rebaptize each other in the Great Salt Lake. The appearance of Christ to the Nephite nation in the meridian of time and his ushering in of a new gospel dispensation was accompanied by a similar renewal of covenants (see 3 Nephi 19).