Two reasons… First, the very thin edge of a razor blade is susceptible to oxidation. Simply put, it rusts at a microscopic scale, but because the edge is so thin to begin with, it is enough to dull it. Get the blade wet and that oxidation will start the process.
Second, it is dulled by the cutting of your hair. Some of that effect is caused by the deflection of the blade edge, and can be corrected by honing the blade (similar to using a knife steel on your kitchen knife). But if the hair is relatively hard, it can also cause microscopic chips in the blade.
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