From what I can see in these photos, this damage has been there for a while, although it may have not be apparent until recently.  Looking under the loose bark, there is quite a bit of callus tissue indicating that this tree has been working to seal off this damage for several years.  

This damage is likely the result of sunscald - a common issue on young, smooth-barked trees. 

The best thing to do for this tree is to care for it well and see how it responds.  Treating exposed areas of wood with wound dressings or paints is not advised or recommended. Similarly, taping or tacking bark pieces or strips back in place is rarely a successful repair strategy unless it can be done immediately after the injurious event occurs. The loose bark can be carefully removed, being careful not to cause further damage to the surrounding intact bark.  Only time will tell how the tree will recover.

There are many reasons for bark to peel or split off a tree.  More information about other possible causes can be found in this article: https://yardandgarden.extension.iastate.edu/how-to/shedding-peeling-and-splitting-bark-shade-trees

--Aaron