There aren't blades made out of Teflon (PTFE).
However, most blades, as I understand, have a Teflon coating (whether or not stated on the package) and that is just to make them more comfortable by allowing the blade to glide over the skin. However, that might be questionable for many blades as the application of the coating is usually sputtered on instead of being smoothly applied and makes the shave rough for the first use while the coating wears down. Also, the glide effect is more from its top/bottom side and not the sharp edge which does the cutting. Assuming a good amount of Teflon remains on the side of the blade that could help reduce the amount of metal contact against the skin, but the cutting edge, sans Teflon, will still be in contact.
Most blades are PTFE coated which is usually well tolerated by the body. PTFE is even used in some medical applications inside the body.
Sputtering is a process often used for depositing very thin metallic coatings. The material must be electrically conductive. This can produce quite a fine surface finish, such as mirror reflectors, so sputtering can produce a smooth surface finish. In razor blades, sputtering is used for depositing very thin layers (a few atoms thick) of chromium, platinum, etc on a blade edge.
PTFE is commonly sprayed on as a fine mist, then baked on at high temperatures. This occurs after any metallic coatings have been applied.
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