The word used to define all awesomeness, if you don't have anything to call something, call it niv, can be used in place of any word as either a compliment or an insult
Some Kid: I name this game NIV BALL
Some other kid: What a cool name
Bill: You're such an awesome Niv!
Spot: Woof woof woof
Spot's Dad: You fail nivically at woofing!
it can be used in place of "fail"
to lose at something or screw something up
ouch, that had to hurt, epic niv!
The New International Version. A very popular, and fairly accurate, translation of the (Christian) Bible.
Look! I just got my NIV from Church!
From the Finnish words "Nauran/Naurattaa Ihan Vitusti", meaning "Laughing like fuck", essentially equivalent of LOL.
Look I'm goatse!
To overshare or give to much unnecessary and often vulgar information.
Gareth: Paul just told me this completely disgusting thing he did with a bat and a lion...
Suzie: Was he nivving?