Should i carry on with a project that seems to destined to fail?

Me and my friend are working on this web project – lets call it X. Now the problem is that there are already alot of other projects available online similar to X and some of them even have better features than X. Also even X’s competition has not been able to successfully make the concept famous.The whole tech-industry seems to think that the concept is pretty much pointless.

So is it worth to carry on with such a project (which we even as creators are doubting the actual usablity due to slow internet speed and better competiton) ?

PS. this is kind of a really important question. so please answer wisely?