The Favicon Settings section allows you to control the Favicon settings for your site. Favicons are the small images that are used in a variety of ways, but the one you're probably most familiar with is the small image used next to the title of a site in browser tabs. This makes it easy for people to quickly identify specific sites just by skimming the images on the tabs.
You can select from a few built-in options, upload your own image to use, or just disable the Favicon entirely, For more information about each of these favicon options, just hover over the question mark on the right.
Uploading a Custom Favicon
You can select from a few built-in options, upload your own image to use, or just disable the Favicon entirely. For more information about each of these favicon options, just hover over the question mark on the right.
Tip: There are services like http://www.htmlkit.com/services/favicon/ and http://tools.dynamicdrive.com/favicon/ which lets you upload a regular image (jpg, png, gif etc.) and convert them to a .ico file.