Update: It was pointed out by Ryukouki in the comments below that you still need the game cartridge even after the installation.
A launcher for Homebrew is being developed by modders for the Nintendo 3DS. The launcher will be released on November 22nd, 2014 and will allow users to program their own games and other software for the platform.
In this particular Homebrew version, the exploit requires an obscure 3DS game called Cubic Ninja. You have to download the boot file to your PC and transfer it to the SD card, and then it installs the Homebrew channel, which is used to install Homebrew fully on the 3DS.
The software for the 3DS version of Homebrew was developed by a member of the modding community at GBATemp (who are known for announcing console exploits in the past) calling himself Smealum. According to a post on the website by Ryukouki, the process of installing the exploit on your 3DS is actually very simple.
“Activating the exploit is very easy. It requires a Nintendo 3DS. It could be a regular 3DS, or it could be the New Nintendo 3DS. It’s very versatile. Activating the exploit begins by going to a particular link. I will not be distributing that link, but it will be available soon – I promise. Going to that link, you will be asked to input the firmware version of your Nintendo 3DS. Following that, you’re going to be getting a set of directions that will instruct you on how to proceed with installing the exploit. Doing so, however, requires a Nintendo 3DS title, specifically Cubic Ninja. You will need to be connected to the internet for the installation to go smoothly. Once the exploit is installed, you will have the Homebrew Channel, not so unlike that of the Nintendo Wii, on your system. From here, you can power down the system, or remove the SD card while in the Homebrew Channel to install homebrew, which takes the form of .3DSX files. These homebrew are placed in a created directory on the 3DS SD card’s root, and placed in a folder with that homebrew’s name. The file is renamed boot.3dsx, and once you reinsert the SD card, the Homebrew Channel will acknowledge the presence of the application and you will be able to run Homebrew!” — Ryukouki
However, 3DS backups are not possible to execute with this exploit.
Will you be taking advantage of this exploit? If so, what do you plan to make first? Let us know in the comments below!