Viking tradition, like these beads, lacks one side of the story that fits the premise of good vs evil. These stainless steel beads elicit a response as to which side represents the evil but the black side actually seen as food contrary to gut reactions.
The dualism that exists is not good vs evil, but order vs chaos. The gods represent order and structure whereas the giants and the monsters represent chaos and disorder. Thus, Loki is not primarily an adversary of the gods, though he is often portrayed in the stories as the nemesis to the protagonist Thor, and the giants are not so much fundamentally evil, as rude, boisterous, and uncivilized.