Recent progress in nanophotonics and material science has inspired a strong interest in optically-induced material dynamics, opening new research directions in the distinct fields of Floquet matter and time metamaterials. Floquet phenomena are historically rooted in the condensed matter community, as they exploit periodic temporal drives to unveil novel phases of matter, unavailable in systems at equilibrium. In parallel, the field of metamaterials has been offering a platform for exotic wave phenomena based on tailored materials at the nanoscale, recently enhanced by incorporating time variations and switching as new degrees of freedom. In this Perspective, we connect these research areas and describe the exciting opportunities emerging from their synergy, hinging on giant wave-matter interactions enabled by metamaterials and on the exotic wave dynamics enabled by Floquet and parametric phenomena. We envision Floquet metamaterials in which nontrivial modulation dynamics, and their interplay with tailored material dispersion and nontrivial material properties such as anisotropy, non-Hermiticity and nonreciprocity, introduce a plethora of novel opportunities for wave manipulation and control.