Nanozymes, nanomaterials that mimic enzymatic activity, offer superior stability, tunability, and lower production costs compared to natural enzymes. To date, most nanozyme-based point-of-care (PoC) diagnostic systems have relied on oxidation reactions, such as oxidation of 3,3′,5,5′-tetramethylbenzidine, which often suffer from limited substrate stability and high background signal. This study investigates reduction reactions, particularly those involving tetrazolium salts, as an alternative route for signal generation in PoC devices. For this purpose, monometallic and bimetallic gold, palladium, and platinum nanoparticles were synthesized via chemical reduction using poly(vinyl alcohol) as a stabilizing agent. The resulting nanoparticles were uniform in size and morphology. Their catalytic performance was confirmed through the reduction of 4-nitrophenol. The tetrazole salts were selected as promising substrates for application in PoC settings and further explored by examining the nanozyme-based reduction of 3-(4,5-dimethyl-2-thiazolyl)-2,5-diphenyl-2H-tetrazolium bromide (MTT). The nanozymes catalyzed the reduction of MTT in the presence of sodium borohydride, producing a distinct colorimetric signal under selected conditions. The effects of reducing agent concentration, buffer pH, and potential interferents were evaluated, with performance suitable for PoC devices achieved at basic pH and low borohydride concentration. Interference studies showed negligible MTT reduction in the presence of physiological levels of ascorbic acid, human serum albumin, and 10% concentration of human serum. Finally, a proof-of-concept lateral flow assay demonstrated successful signal generation through nanozyme-catalyzed MTT reduction. Results establish tetrazolium salts as suitable substrates for nanozyme-enhanced PoC diagnostics and highlight reduction-based chromogenic systems as a viable alternative to traditional oxidation-based assays.