Answer
$9x^8-4y^2$
Work Step by Step
Using the product of the sum and difference of like terms, $(a+b)(a-b)=a^2-b^2$, the given expression is equivalent to
\begin{align*}
&
(3x^4+2y)(3x^4-2y)
\\\\&=
(3x^4)^2-(2y)^2
\\\\&=
9x^8-4y^2
.\end{align*}