This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as crayon.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F58D offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “crayon” for use in screen reading software.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: 🖍️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A crayon (or wax pastel) is a stick of pigmented wax used for writing or drawing. Wax crayons differ from pastels, in which the pigment is mixed with a dry binder such as gum arabic, and from oil pastels, where the binder is a mixture of wax and oil.
Crayons are available in a range of prices, and are easy to work with. They are less messy than most paints and markers, blunt (removing the risk of sharp points present when using a pencil or pen), typically non-toxic, and available in a wide variety of colors. These characteristics make them particularly good instruments for teaching small children to draw in addition to being used widely by student and professional artists.