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In this video tutorial, the creator explains how to hide the placeholder text that appears in content control form fields, which is typically displayed in light gray to prompt users to fill in the form. The tutorial demonstrates the process using a form created with plain text form fields. To hide the placeholder text, the user selects "design mode" and highlights the placeholder text, ensuring to include the period. After selecting the text, the user right-clicks and chooses the font option, where they can access font effects and check the "hidden" box to hide the placeholder text. Viewers are encouraged to check out the playlist on the channel for more content on creating fillable forms.