In the mean time, The Spinoff made a parody video, which has had 70,000 views on YouTube.
Key said in his reaction video he never imagined his Facebook status would reach 10,000 likes.
"I've done some dumb s*** in the past and this is probably number one.
"I'm not sitting here claiming to have more talent than [Eminem] and I have the utmost respect for the guy," he said.
Key wanted to make it clear that parody video wasn't made by him and promised that if he did release a track it would be "everywhere".
He finished the video with a teaser, not confirming or denying whether he would follow through with the promise to release a diss track.
The National Party was ordered to pay $600,000 in damages plus interest from June 2014. The political party has lodged a claim against the suppliers and licensors of the controversial track.