looks like what some would call "dry rot". The skin of the tire dried out and cracked, yet the inside of the tire is still in tack. This posses a very dangerous situation. The tire could "blow out" at any given time. For that reason alone you should replace the tire.
Looks like the bike has been sitting outside by the corrosion on the spokes and nuts. Would explain the dry rot on the tire also. I would replace both front and rear tires for safety and handling reasons.
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