The New Basement Tapes -- a supergroup featuring rock icon Elvis CostelloJim James of My Morning Jacket and Marcus Mumford of Mumford and Sons -- performed together in public for the first time last night (Nov. 11) on 'The Tonight Show Starring Jimmy Fallon.'

The group -- assembled in an effort to write and record music for a collection of lost lyrics written by Bob Dylan in the late '60s --  played 'Lost on the River' in front of the studio audience. Watch the star-studded performance below.

The band's 20-track interpretation album, 'Lost on the River: The New Basement Tapes' is out today via Electromagnetic Recordings/Harvest Records. If the supergroup's lineup isn't enough to impress you, the project is produced by legend T-Bone Burnett (yes, the guy whose song is the 'True Detective' theme). A making-of documentary titled 'Lost Songs: The Basement Tapes Continued' will air on Showtime on Nov. 21.

The New Basement Tapes Perform 'Lost on the River' on 'The Tonight Show'

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