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In this video tutorial by Greg from SharePoint Maven, he demonstrates how to hide fields in a SharePoint list or document library using a conditional formula. He presents a scenario involving a document library with two metadata columns: a status column (with options of active and inactive) and an expiration date field. Currently, the expiration date is always visible when users fill in the metadata. Greg explains that he aims to make the expiration date field appear only when the status is marked as active. If the status is set to inactive, the expiration date should not be displayed, effectively streamlining the metadata entry process.