Example 3 If $x y=1$, then the minimum value of the algebraic expression $\frac{1}{4}+\frac{1}{4 y^{4}}$ is $\qquad$
Solution: From $a+b \geqslant 2 \sqrt{a b}$ we know $\frac{1}{x^{4}}+\frac{1}{4 y^{4}} \geqslant 2 \sqrt{\frac{1}{x^{4} \cdot 4 y^{4}}}=1$. Therefore, the minimum value of $\frac{1}{x^{4}}+\frac{1}{4 y^{4}}$ is 1.