If you are worried about the possibility of losing your job and having to do without a salary, then you should start looking now. But from the way you asked you

If you are worried about the possibility of losing your job and having to do without a salary, then you should start looking now. But from the way you asked your question, it seems like you are aware of this possibility and you are more worried about how this will affect your long-term career. My 2 cents is that in future interviews, it's very unlikely anyone will ask or care about the success of the project. They care about your technical skills and it sounds like this job is good from that aspect. You should be able to spin this in a positive light.