ROFL!! First thought . . . since the beads are painted and it is a toy for young children, the assumption is that the paint is safe . . . but I would try and confirm that. Same for the paint on the bendy wires.
Second thought . . . it would probably drive some degus absolutely insane! I think it could appeal to a number of different behaviors . . . chewing of course!, but also the noise of banging them around, and seeing them move. Their treasure hunting/stashing drive might find it seriously annoying though, LOL! Can't get those pretty beads off!! Well . . . they can . . . probably will . . . but they will be altered significantly.
1 Bichon/Shi-t-zu Ollie (b'gollie), 1 Standard poodle, Indie
I'm not so sure I'd trust it. While the paint/coating on those beads would be safe for a child to mouth on it, it would not be intended for them to actually chew it up and consume it, as the structure of the toy would not allow for a child to do that (how many adults would let a child have the time necessary to chew a bead off and chew it up?)
I think the wires on these toys are plastic or vinyl coated, not powder coat or paint.
And....being sold on eBay, and coming out of Hong Kong (who is getting it from where...), I would not trust that it was made to proper safety standards as we would otherwise expect. Ten years or so ago, someone started checking all the toys in the US that had come from China, many under big name toy companies (like Fisher Price and Preskool, etc) and found that they were loaded with lead--in the paints, the dyes, the coatings, the metal bits...just because the standards were in place and in the contracts, no one had been checking that they were actually in compliance.
While the degus would love it/be driven mad by it, I would be very leery of it being safe for them.