This tree (Minnesota) started losing its bark about 1.5 years ago and it's getting worse. There is also an area on the tree that looks to be rotting. I could seal the hole but now I'm worried the tree is a lost cause. Any thoughts?

[![enter image description here](https://i.stack.imgur.com/vS1HP.jpg)](https://i.stack.imgur.com/vS1HP.jpg)
[![enter image description here](https://i.stack.imgur.com/tRQ5o.jpg)](https://i.stack.imgur.com/tRQ5o.jpg)