Select the template that will be used for individual grid items. These templates can be edited using the Template Editor.
The grid item can be a link. By default this will be a link to the post itself and open in the same screen. Alternatively you can link to the featured image of that post (works great in combination with a lightbox plugin) or open in a new tab.
If you choose not to link the entire item you are responsible for adding a link yourself to the template.