Is there lawn around this tree?  It might be a case of "lawnmower blight" which is hitting the base of the tree repeatedly while mowing. More likely is damage from animals, such as rodents, esp. squirrels. If so, there should be signs under the bark of teeth. All maples have sweet sap. Barring these 2 common possibilities, on a small tree like this extreme and sudden cold can cause ruptures. Cats can also use one as a scratching post, but the picture does not suggest that. Looking at the area under this bark may suggest what may be going on. Unfortunately, this damage amount is indeed fatal to the tree. It would be good to decide why it happened before replanting in the same area.

Thanks so much for your thoughtful response. There's no lawn around the tree and I don't see marks from rodents or cats. Looking under the bark, I do see signs of insects, including four small holes in the wood, one of which is filled with a spiderweb-like material, and one larva. Might insects have damaged the tree? Barring that, perhaps the recent cold spell was the cause.

The serpentine lines are an insect which has attacked the tree. They are very destructive of the cambium, so this tree is not going to survive. Sorry. Secondary disease has also set in already.

Thanks so much for your response. I have just one  more question: Do you know what the insects are? I'm curious if it will limit what I can plant there.

The mining is typical of Long-horned beetle larvae. There are many subfamilies and genera, but the most common locally would be Ergates or Prionus. Both are attracted to stressed or damaged trees. They would rarely attack a healthy tree, if ever.