This is a kind of wall you don't see very often. Back in the days when every single little piece of a tree was harvested, cedar bark wall covering used to be far more common. Today the material is free if you happen to walk past a logging operation. Or you can buy it, $18/m². 
Poplar bark is popular in the U.S. Looks fantastic.
In theory bark lasts as long as it does on the tree itself, but most trees are harvested when they are old, and being spiked onto a wall in full sunlight is not optimal for tree bark, so Japanese cedar bark is usually said to last 20 years, American poplar is said to last longer.
Modern material is often sold as "maintenance free" which really means they won't be maintained, just thrown away and replaced (always difficult and expensive). Natural materials are meant to age and fail, but to be cheap and easy to replace. Tree bark literally grows on trees...
...when natural materials wear out, you get fuel for a cozy winter fire, or mulch for your garden. The new material? It grows around the corner.
