I love it as a nickname, but not as a proper name.
As a proper name, it may seem a little pretentious on the parents' part. Like they wanted to prove how creative and different they were, and used their son's name as a medium to do so.
As a nickname, it's very cute but, as a proper name, it won't age well and it may not suit him when he's a grown man with a career.
I'd call him something else and use Wolf/Wolfie as his nickname.