Change Folder Symbol of Favourites to Any Emoji

It would be great if you can change the folder Symbol of the favourites to an emoji. Now if you want to distinguish folder through an emoji, you still have the folder symbol as prefix. Something like that ":file_folder: :newspaper: NEWS" 

An option where you can either choose from standard emojis for the folder icon or where you can insert your own icon, would be great. This would save a lot of space in the favourite bar and would make working so much easier, as you can navigate faster.