means To pinch, bite, or grip something sharply and quickly — or, as a noun, a small sharp thing: a quick bite, a biting cold, or a little measure of spirits.

from From the Middle Low German or Middle Dutch family — related to words like 'nippen,' 'to pinch or sip.' English absorbed it as 'nippen' in the medieval period, and the core idea of a small, sharp seizing action branched out over centuries: a 'nip' of cold air that bites your nose, and a 'nip' of liquor (probably short for 'nipperkin,' an old word for a small drinking vessel) that bites your throat.