The Nik-L-Nip brand name is a combination of the original cost (a nickel, $0.05) and the preferred method of opening wax bottles, which is to nip (bite) the top off. It has a fruity-tasting liquid flavoring inside of it.
The Nik-L-Nip brand name is a blend of the original price ($0.05) and the preferred method of opening wax bottles, which involves nipping (biting) the top off. It has a fruity flavoring inside that tastes like fruit.