First, for convenience, I will impose an additional axiom on my ternary metrics:
- If $a\neq b$, then there exists $c$ such that $t(a,b,c)>0$.
Note that if $t(a,b,c)=0$ for all $c$, then applying the tetrahedral inequality to the 4-tuples $(c,d,a,b)$ and $(c,d,b,a)$ gives $t(c,d,a)=t(c,d,b)$ for all $c$ and $d$. That is, $t$ cannot distinguish $a$ and $b$ (and neither can the topology induced by $t$). If we quotient out the equivalence relation that identifies all pairs $a,b$ with this property, we obtain a ternary metric which satisfies by axiom. Moreover, the topology of $t$ is then $T_0$ (in fact, $T_1$): if $t(a,b,c)>0$, then the set of $d$ such that $t(a,c,d)<t(a,b,c)$ is an open set that contains $a$ but not $b$.
So, a ternary metric without this axiom is just a ternary metric with this axiom that has indistinguishable copies of some points, and identifying those indistinguishable copies corresponds taking the $T_0$ quotient on the induced topologies. We thus lose no significant generality by imposing this axiom on ternary metrics (and comparing them to metrics, rather than to pseudometrics).
Every metric space $(X,d)$ with at least three points is ternary metrizable. Define $$t(x,y,z)=\min(d(x,y),d(x,z),d(y,z)).$$ I claim this is a ternary metric. The only nontrivial part is the tetrahedral inequality, so suppose $x,y,z,w\in X$ and we wish to show that $$t(x,y,z)\leq t(x,y,w)+t(x,z,w)+t(y,z,w).$$ Without loss of generality, assume that $t(x,y,z)=d(x,y)$. If $t(x,y,w)=d(x,y)$ as well we are done, so without loss of generality we may assume that instead $t(x,y,w)=d(x,w)$. If $t(y,z,w)=d(y,w)$ we are now done by the triangle inequality. If $t(y,z,w)=d(y,z)$ we are also done since we know $d(y,z)\geq t(x,y,z)$. Finally, if $t(y,z,w)=d(z,w)$ we are done again by the triangle inequality since $d(x,w)+d(z,w)\geq d(x,z)\geq t(x,y,z)$.
Now I claim that $t$ induces the same topology as $d$. It is clear that every $t$-subbasic open set is $d$-open. Conversely, let $x\in X$ and $\epsilon>0$; we wish to show the ball $B_d(x,\epsilon)$ contains a $t$-neighborhood of $x$. By hypothesis, $X$ has at least three points, so pick two other points $y$ and $z$. Without loss of generality, we may assume that $t(x,y,z)\geq2\epsilon$ (if not, shrink $\epsilon$). Now suppose $w$ is such that $t(x,y,w)<\epsilon$ and $t(x,z,w)<\epsilon$ (the set of such $w$ is an intersection of two $t$-subbasic open neighborhoods of $x$). This implies that either $d(x,w)<\epsilon$ or else both $d(y,w)<\epsilon$ and $d(z,w)<\epsilon$, since $d(x,y)$ and $d(x,z)$ are both at least $2\epsilon$. But now the triangle inequality gives $d(y,z)<2\epsilon$ in the latter case, which is impossible. So we must have $d(x,w)<\epsilon$, and our $t$-neighborhood of $x$ is contained in $B_d(x,\epsilon)$.
On the other hand, here is a ternary metric space that is not metrizable. Let $X$ be an infinite set and pick an element $a\in X$. Partition $X\setminus\{a\}$ into pairs; call pairs that are terms of this partition good pairs. Define $t(x,y,z)$ to be $1$ if $x,y,z$ are all distinct and contain a good pair, and $0$ otherwise. To verify that this satisfies the tetrahedral inequality, suppose $(x,y,z,w)$ is a 4-tuple of elements of $X$; we wish to show $$t(x,y,z)\leq t(x,y,w)+t(x,z,w)+t(y,z,w).$$ If $t(x,y,z)=0$ this is trivial, so we may assume $x,y$ are a good pair and $z$ is distinct from them. Unless $w$ is equal to either $x$ or $y$, we then have $t(x,y,w)=1$ and are done. On the other hand, if $w$ is equal to $x$ or $y$, then $t(y,z,w)$ or $t(x,z,w)$ is $1$ and we are again done.
To verify that $t$ satisfies my positivity axiom, suppose $x,y\in X$ are distinct. If $x,y$ are a good pair, then $t(x,y,z)>0$ for any $z$ distinct from them. Otherwise, at least one of $x$ and $y$ is different from $a$, so there is an element $z$ which forms a good pair with it. This $z$ is then distinct from $x$ and $y$ so $t(x,y,z)>0$.
Thus $t$ is indeed a ternary metric. Now let us consider the topology induced by this ternary metric. The only nontrivial subbasic open sets to consider are those of the form $U_{x,y}=\{z:t(x,y,z)<1\}$. If $x$ and $y$ are a good pair, then $U_{x,y}=\{x,y\}$. Since the topology is $T_1$, this means every point of $X$ except for $a$ is isolated. On the other hand, if $a\in U_{x,y}$ then $x,y$ is not a good pair, which implies $U_{x,y}$ is cofinite (if $z\not\in U_{x,y}$ then $z$ can only be either the good pair partner of $x$ or the good pair partner of $y$). Thus every neighborhood of $a$ is cofinite.
We thus conclude that $X\setminus\{a\}$ is discrete and $X$ is its one-point compactification with $a$ as the point at infinity. This space is not metrizable if $X$ is uncountable.
Finally, here are some things I can say about the topology of ternary metrizable spaces.
Lemma: Let $(X,t)$ be a ternary metric space, let $a\in X$, and let $(x_i)$ be a net in $X$. Then the following are equivalent.
- $(x_i)$ converges to $a$.
- For all $b\in X$, $t(a,b,x_i)$ converges to $0$.
- For all $b,c\in X$, $t(b,c,x_i)$ converges to $t(b,c,a)$.
Proof: The implications $(1\Rightarrow 2)$ and $(3\Rightarrow 1)$ are immediate from the definition of the topology of $t$, so all that remains is to prove $(2\Rightarrow 3)$. Now the tetrahedral axiom tells us $$t(b,c,x_i)\leq t(b,c,a)+t(a,b,x_i)+t(a,c,x_i).$$ Assuming (2), the final two terms converge to $0$, so we conclude that $\limsup t(b,c,x_i)\leq t(b,c,a)$. Reversing the roles of $a$ and $x_i$ in the tetrahedral inequality, we also conclude that $t(b,c,a)\leq\liminf t(b,c,x_i)$. Thus $t(b,c,x_i)$ converges to $t(b,c,a)$, as desired. $\blacksquare$
Corollary: Any ternary metrizable space is completely regular. Any countable ternary metrizable space is metrizable.
Proof: The equivalence of (1) and (3) says the topology of $t$ is the coarsest topology which makes the real-valued function $x\mapsto t(b,c,x)$ continuous for each $b,c\in X$. When $X$ is countable, these are only countably many functions so we can conclude $X$ is metrizable. $\blacksquare$
It seems plausible that the arguments used in this Corollary are the only obstructions to ternary metrizability. That is, it seems plausible that a $T_0$ space $X$ with at least three points is ternary metrizable iff it embeds in $[0,1]^X$ (i.e., its topology is induced by a set of $|X|$ real-valued functions).