I got this info from Albert, a guy from Magic Tweak support team. He asked me to review the Magic Folder Icon which is a small tool that you can use to change the folder icons freely and quickly.
Magic Folder Icon allows you to give your folder icon a new look. This tool is freeware so money is not a problem here. You can download it and use it as you like. I have included the download link at the end of this post.
I was trying to pull out more information from their website but found nothing. There is no info about Magic Folder Icon. Perhaps this tool is not ready yet to the public but you guys are lucky because you already know about this software before it comes out officially.
Magic Folder Icon is not only just for changing your folder icon, but it also can extract icon from any type of resource files as well. It is true that this tool is fast in changing the folder icon but when I click on the Options button, the Options GUI seems broken. Maybe Albert and his team members can fix it as soon as possible.