We examine the optical properties of two-dimensionally nanostructured metals in the metamaterial regime for infrared applications. Compared with straight nanowires and nanogrids, serpentine structures exhibit much lower optical losses of less than 7% even at a large metal area fraction of 0.3. The low loss is primarily due to a small effective conductivity of the meandering structures, and self-inductance plays a modest role in reducing losses in these structures. The high transparency at a large metal area coverage would be useful for transparent electrodes in optoelectronic devices.