When we got Eddie he was almost 3 and friendly but not well socialized with other dogs. He did the same thing, nipped to get someone to chase him. If the other dog was OK and willing to chase him and they played well, fine, but if not, I leashed him and gave a time out. It took a long time but he finally stopped nipping so much; but he also became less playful. He only knew one way and has not really learned any other play patterns. He still will nip a little to get play started, but if the other dog growls, he will stop.
As for nipping humans, he needs to stop, he could nip the wrong person and be labeled a biter and get a fine. We call it a nip, but many feel that if a dog has his open mouth and teeth on them, it is a bite. I have heard (never used it myself) that a citronella spray is very useful in stopping nipping. Doesn't harm the dog, just makes them go "yuck".
But as Sharron said, if you have contact with his breeder, ask what they suggest.