The third bad ending can trigger before you face off against Metaphor: ReFantazio's true final boss. After you're transported to the Akademia, More will reveal the true nature of the world to you. Here, you get the option to either accept his lies or deny them. If you choose to believe his lies, then it triggers the third bad ending.

Metaphor: ReFantazio, the newest game out of Japanese video game company Atlus’ Studio Zero, owes a lot to the Persona games that came before it. From the mind of longtime Persona designer Katsura Hashino, it’s a sprawling role-playing game that combines dungeon crawling with social sim elements, using a daily calendar to dictate your progress.